The Central Bank of Nigeria (CBN) yesterday reduced rate at which it sells foreign exchange (forex) to bureau de change (BDCs) from N381 to dollar to N360 to dollar. The BDCs are to sell to end users at N362 to dollar.

The rate reduction comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell forex obtained from it to retail end-users at not more than N360 to dollar for invisibles.

The CBN Acting Director of Corporate Communications, Isaac Okorafor, confirmed the directive in Abuja, adding that the CBN, under the new policy, 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 to dollar.

Okorafor said the objective of the new forex sale policy was to ensure a convergence of rates in the interbank and BDC. He stressed 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 forex.

He therefore urged licensed BDCs to play by the rule, warning that the CBN would not hesitate in sanctioning any erring dealer.
Okorafor also disclosed to reporters that $100 million offered to authorised forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers was fully subscribed at March 28 auction.

He also reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the forex market for the benefit of the economy.