By Babajide Komolafe
The Central Bank of Nigeria, CBN, Monday reduced the rate at which it sells dollars to BDCs to N357 per dollar, down from N360 per dollar.

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It also reduced the rate at which BDCs sell dollars to the public to N360 per dollar, down from N362 per dollar.
This followed a meeting held Monday between the apex bank and executives of Association of Bureaux Se Change Operators of Nigeria (ABCON).

ABCON President, Alhaji Aminu Gwadabe, confirmed this development in a message to all BDCs Monday.

The message stated: “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 #357 per dollar; Our selling rate #360/$.. Please comply urgently .
And you are therefore warned that any one caught selling above the#360 per dollar will be severely dealt with.”

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