The Central Bank of Nigeria, CBN, has reduced the rate at which it sells dollars to Bureau de Change, BDCs, from N357 per dollar to N360.
It also reduced the rate at which BDCs sell dollars to the public to N360 per dollar, down from N362 per dollar.
The reductions followed a meeting held Monday between the apex bank and executives of Association of Bureaux de Change Operators of Nigeria (ABCON).
ABCON President, Alhaji Aminu Gwadabe, confirmed this development in a message to all BDCs Monday.
The message reads: “This is to inform all our members that the Cbn have considered our demand on rate review and therefore have approved with immediate effect as follows.
“Our buying rate N357 per dollar; Our selling rate N360/$.. Please comply urgently. And you are therefore warned that any one caught selling above the#360 per dollar will be severely dealt with.”