By Ossom Raphael
Abuja – The Central Bank of Nigeria (CBN), on Tuesday crashed the rate at which it sells foreign exchange to Bureau De Change in the country to N360/$1, directing all BDCs to sell to end users at not more than N362/$1.
This is coming barely 24 hours after the Apex Bank directed Deposit Money Banks to sell forex obtained from the CBN to retail end users at not more that N369/$1 for invisibles.
Confirming the directives in Abuja, the CBN Acting Director of Corporate Communications, Mr. Isaac Okorafor, said under the new policy of the Bank, will sell forex to the licensed BDCs at the rate of N360/$1, while they will in turn sell to customers at a rate not more than N362/$1.
He said the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC, stating that the CBN remained committed to ensuring transparency in the market as well as fairness to end-users, many of who hitherto experienced challenges in accessing foreign exchange.
Okorafor, who cautioning the licensed BDCs to play by the rule, stressed that the CBN would not hesitate to sanction any erring dealer.
Meanwhile, the CBN spokesman revealed that the sum of $100 million offered to authorized FOREX dealers in the interbank wholesale window to meet the requests of genuine wholesale customers was fully subscribed at the auction on Tuesday, March 28, 2017.