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.

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.”