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CBN Raises BDC Exchange Rate To N385/$

naira-dollar-forex

By Modupe Gbadeyanka

Exchange rate for Bureau De Change (BDC) operators in the country has been raised by the Central Bank of Nigeria (CBN) to N385 per dollar.

Before now, the country’s apex bank allowed BDCs to purchase the Naira at 375 to the Dollar and sell at 381 per Dollar.

According to the CBN, the latest move is aimed to encourage Nigerians in diaspora to use official channels to transfer earnings back home.

With this, the CBN hopes the Naira will be on the right path to recovery.

Also, the apex bank disclosed that 20 new international money transfer operators (IMTO) are expected to get licence in the coming weeks to handle estimated $21 billion annual diaspora remittances into the country.

The CBN explained that this development was part of efforts to stabilise the foreign exchange market.

It would be recalled that on August 31, 2016, the CBN licensed 11 IMTOs in addition to Western Union, Moneygram and RIA.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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