CBN introduces new forex rate for BDCs at 362 naira nationwide

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LAGOS, March 28 (Naija247news) – Nigeria’s central bank has set a new naira rate of 362 for the country’s retail exchange bureaus to sell dollars to consumers, the head of the bureau association told Reuters on Tuesday.

Nigeria has at least five exchange rates — the official one, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by exchange bureaus and a rate for foreign travel, school and medical fees.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), told the News Agency of Nigeria (NAN) in Lagos on Tuesday that the buying rate for BDCs would now be N350 and would sell at N360 to the dollar.
NAN reports that before now, BDCs were buying dollars from the CBN at a forward rate of N381 to the dollar and selling at N399 to the dollar. Gwadabe commended the CBN for heeding the appeal of BDCs for a level playing field for all players in the foreign exchange market.
The ABCON chief pledged the commitment of all BDCs in collaborating with the apex bank to sustain the gains recorded by naira against the dollar. NAN further reports that the CBN, had on Monday, pegged the selling rate for Deposit Money Banks (DMBs) at N360 to the dollar.
The CBN had injected close to two billion dollars since it started its intervention in the foreign exchange market five weeks ago.
Efforts of the apex bank have crashed dollar rates at the parallel market to between N375 in Lagos and N365 in Abuja.
The CBN said it determined to crush speculators in the market and ensure that genuine foreign exchange seekers have access to foreign currencies with ease.

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