CBN Approves Wider Margin For BDCs
Naira and Dollar exchange photot: Alfa img

The Central Bank of Nigeria has given approval for an increase in the review of trading margin to operators of Bureau De Change across the country.

This was revealed in a statement by the CBN on Monday where it also noted that BDC operators can now to buy dollars from the bank at N357 and sell at N360.

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The statement added that the development leaves them with a positive margin of N3 per dollar sold.

In addition, the statement noted that the move was aimed at giving the BDCs a level playing field to compete with other authorised dealers in the foreign exchange market.

This statement further warned the BDC operators to abide by the new rules and not cheat customers by selling the dollar above the N360 band as they would be sanctioned if such happens.

Recall that the Senate had in March, 2017 released a foreign exchange policy, under which it directed licensed BDCs in the country to purchase forex from it at the rate of N360 to a dollar, while selling same to customers at no more than N362/$1.