You dont have javascript enabled! Please enable it! BREAKING: Central Bank Of Nigeria Raises Interest Rate To Twenty-Two Point Seven Five Percent, Begins Sales Of Dollars To Bureau De Change Operators - 247Updates

BREAKING: Central Bank of Nigeria Raises Interest Rate to Twenty-Two Point Seven Five Percent, Begins Sales of Dollars to Bureau de Change Operators

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth twenty thousand dollars to each eligible Bureau De Change (BDC) operator across the country....CONTINUE READING

This is coming more than two years after former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.

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As reported by Punch, the apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

Meanwhile, the Central Bank of Nigeria (CBN) also raised its benchmark interest rate, the Monetary Policy Rate (MPR) to twenty-two point seven five percent, representing four hundred basis points from the current eighteen point seven five percent.

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The CBN Governor, Olayemi Cardoso disclosed this at the end of the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday, as it would be recalled that in 2023, Nigeria’s MPC implemented a strategy of gradually increasing the MPR over four consecutive meetings.