CBN drops US dollar rate to N1,101/$1 and offers $15.88 million.

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The Central Bank of Nigeria (CBN) has reduced the exchange rate for Bureau De Change (BDC) operators to N1,101 per dollar from N1,251/$1, in response to the country’s increasing dollar inflows.

The apex bank also intended to sell $15.88 million to 1,588 qualifying BDCs.

for this rate, the BDCs would sell to the public for no more than a 1.5 percent margin, or N1,117.5 per dollar.

In a letter to the president of the Association of Bureau De Change Operators of Nigeria, the CBN announced the sale of $10,000 to each BDC operator at a rate of N1,101 per US dollar.

Recall that the ABCON president, Aminu Gwadabe, had requested for a reduction in the rate at which the CBN sells dollars to its members to allow them to keep up with the fast appreciation of the native currency and the greenback.

This development intends to meet the retail market’s desire for eligible invisible transactions.

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