The attempt for the CBN to preserve the naira value to the dollar is registering results as the naira gained N2 yesterday closing at N361 to a dollar as against N363 on Friday.
CBN which reviewed the terms of operation with Bureau de Change came to the conclusion that the BDC operators should have a more favourable and competitive market with the banks as they will now buy dollars from CBN at N357 to one dollar, to sell at the same rate with banks at N361. This leaves the BDC operators with a N3 gain.
Prior to this review by the CBN, BDC’s bought the greenback at N360 to sell at N362/dollar.
Also in the I&E window, the naira gained marginally to close at N316.32 on Monday against the N361.1 last Friday. This move by the CBN according to Mr Isaac Okorafor, Director Corporate Communications is to provide a level playing ground and compete favourably with other forex dealers.
However, Alhaji Aminu Gwadabe, president of Bureau de Change operators, said it is important for members to comply as anyone who does not will be dealt with and their licence possibly revoked.
In another recent development, according to a source, CBN on Monday offered $100 million to dealers involved in the wholesale segment of the market to meet the requests of customers. It also offered $55 million to each customer in SME windows.
Image Credit: Business day
