Bureaux de Change, banks to get dollar at same price – CBN – Business


Operators Bureaux de change and commercial banks were approved to receive foreign currency at the same price, Central Bank of Nigeria (CBN).

Executive Director, CBN, Corporate Communications, Isaac Okorafor, revealed it on Monday, June 4, 2018.

Development means that banks and Bureaux de Change will buy US dollars at a price of N357 per dollar to sell N360.

Okorafor said it would provide a positive N3 margin per dollar sold by CBN to BDC operators.

These are banks of bets that buy forex for PTA and BTA transactions; different from the interbank rate.


CBN says that operators change operators, banks will now receive a US dollar at the same price (Guardian.ng)

According to him, the solution is to give BDCs an equal playing field, so that they can compete profitably with other authorized foreign currency dealers.

He warned BDC operators to adhere to new recommendations and not to use waiting customers, selling above the N360 group, since any violation would be authorized.

Recently, the CBN indicated that it is now mandatory for BDC to purchase foreign currency three times a week.

ALSO READ: Central Bank of Nigeria charges more dollars to the foreign exchange market

But the operators said that the new policy on forex is unacceptable, urging the bank leaders to consider the rates at which the dollar is sold to BDC to allow them to compete successfully.

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