The Central Bank of Nigeria (CBN) has approved the daily sales of $10,000 to 1,588 eligible Bureau De Change (BDC) operators at the rate of ₦1,101 to the dollar. This directive was communicated in a letter addressed to the President of the Association of Bureau De Change Operators (ABCON) by the Director of the CBN’s Trade and Exchange Department, W.J Kanya.
The letter stipulates that BDC operators must sell the dollars to eligible end-users at a spread of not more than 1.5% above the purchase price. It also directs all eligible BDCs to effect payment of the Naira deposit at the CBN Naira deposit account starting from Monday.
ABCON President, Aminu Gwadabe, had previously appealed to the CBN to lower its applicable exchange rate below the ₦1,251 to the dollar it had pegged for BDCs. He argued that the current rate was too expensive for BDCs, especially considering the lower parallel market rate of ₦1,235 to the dollar compared to the official rate. Gwadabe highlighted that this situation was causing losses for BDC operators.
Temitayo Florence Olayinka
This is a very nice improvement, I hope it reflects on the nations economy across all sectors soon though
Opeyemi
Naira should be valuable dat is what we pray for
okohmichael28
The work on increasing the strength is still going on gradually. Let it continue
Ellap
Good news
I hope the development will will add more value to naira
Chioma
Great news these are the kind of news we are meant to be hearing atleast people outside will know that nigeria is improving
Chaselkate
Hahaha i laugh in mbaano
Our own naira praise be to God oo at least pepper seller can have respect for mr naira
Ololade Kehinde
It looks like naira will be more appreciated in the market sector again.good deal
Oyedibu Fikayo Odunayo
I hope naira can have more value than this
Omiyale Abiodun John
Gradually be like naira don Dey match up with dollars
demola14
I think this is a very laudable development though I can never trust anything coming from the illegitimate government of tinubu