Operators of the Bureau De Change (BDC) have incurred foreign exchange losses from dollars sourced via the central bank after the value of the naira on the black market rallied following interventions on the official market, the bureaus’ head said on Monday.
Bureaux de Change operators sold dollars bought from the central bank to individuals at 399 naira per dollar, while the black market naira firmed to 390 last week, Aminu Gwadabe told Reuters.
Gwadabe said retail operators had incurred a foreign currency loss of 130 million naira based on the rate differential after the central bank sold $25 million to his members last week.
Meanwhile the loss will be expected to magnify following CBN Crashing of dollar to N360 for PTA,BTA, TUITION, Medical Fees.
According to a release from CBN and signed by Isaac Okorafor, bank’s spokesman, CBN has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar. CBN will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately. CBN will send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.
According to a release from CBN and signed by Isaac Okorafor, bank’s spokesman, CBN has directed all banks to immediately begin sale of forex for BTA, PTA, Tuition and Medical fees to customers at not more than N360 per dollar. CBN will sell to banks at 357 naira per dollar. Banks are to post the new rates in the banking halls of their branches immediately. CBN will send examiners to banks to ensure the new rates are implemented. Banks are prohibited from selling FX funds meant for invisibles to BDCs.
