CBN directs BDCs to sell dollars at 362/$1
The Central Bank of Nigeria (CBN) has directed bureau de change operators (BDCs) to sell the dollar at N362 to Nigerians in need of it.
This directive comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles.
Isaac Okorafor, the CBN acting director of corporate communications, confirmed the directive in Abuja on Tuesday, disclosing 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/$1.
Okorafor said the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC, stressing 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.
He therefore urged licensed BDCs to play by the rule, cautioning that the CBN would not hesitate in sanctioning any erring dealer.
Okorafor also reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the benefit of the Nigerian economy.
Why do CBN have multi-rates to the dollar for different buyers?
(1). Inter-Bank rate of 315.63
(2). For PTA, Medical, School fees 357.00
(3). To BDCs, 360.00.
All the buyers are Nigerians.
Since there is enough US Dollars to go round, CBN should start selling Dollars to ALL her buyers at the same rate of $1.00 = N1.00. After all, this is where all started and the value of the dollar falls every day.
CBN should change the colour of the Naira notes.