The President of the Bureau De Change Operators of Nigeria, Aminu Gwadebe, received a letter from the Central Bank of Nigeria on the new rate. While $10,000 is sold to each trader at N1,251, they were instructed to sell the dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price. Anyone who violates this directive will face the full wrath of the law.
The letter read thus: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale.”
Although the dollar may not fall as low as the N400, is this a good development? How will this new price of forex affect hyperinflation and the Nigerian economy?
By Chidimma NWAFOR
