PTA/BTA: BDCs get new rate from CBN

*Buys dollar for N358 only allowed to add N2 as gain

*Trouble for street traders as Nigeria’s currency strengthens

The Central Bank of Nigeria Tuesday sold the dollar at N358 to the Bureau De Change operators one naira above the N357 sold to the banks signifying an additional trouble for the street traders.

The apex bank also directed the BDC operators to add only N2 as their gain on top of the auction rate making it N360 a dollar.

The CBN released $8,000 per BDC weekly to sell as invisibles (Personnel Travel Allowance, Basic Travel Allowance and School and Medical Bills) to customers.

Some traders have told newsmen that the margin is too small to cover for their operations even as they commend the reduction of the rate.