CBN Fixes N362/$1 Rate For BDCs To Sell

Nairametrics| The Central Bank of Nigeria on Tuesday fixed an exchange rate of N362/$1 for Bureau De Change operators. (BDCs).

Here are highlights

• The CBN will sell forex to BDC’s at N360/$1 while BDC’s will sell to consumers at N362, making a margin of N2.
• The CBN will only sell $8,000 a week to BDC operators suggesting a transaction value of N2,880,000 per week.
• BDC will make a profit of N16,000 a week from each sale.
• The CBN on Monday also approved sales of Forex to deposit money banks at N357 who will resell to retail buyers at N360.