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Friday, March 31, 2023

CBN Devalues Naira to N392/$ for Bureau Du Change

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The Central Bank of Nigeria (CBN) has devalued the regulated price of dollars for the Bureau Du Change (BDC) segment of the market to N392 per dollar.

This is equivalent to a N6 devaluation as the former rate was N386/USD.

The CBN sells to the BDCs at N390 per dollar and the BDCs are to sell to the end users at no more than N392/USD.

International Money Transfer Operators (IMTO) are now also to sell dollars at N388 to banks while banks are to sell onwards to the CBN at N389, sources familiar with the matter tell MoneyCentral.

The CBN has been struggling to contain the devaluation of the naira in the black market which has hit close to N500 per dollar.

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