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CBN resumes sale of dollar to BDCs
The Central Bank of Nigeria (CBN) has initiated the sale of dollars to Bureaux De Change (BDC).
In a statement released on Tuesday, the apex bank announced that $20,000 will be made accessible to each eligible Bureau De Change operator countrywide.
The amount is set to be sold to each BDC at the rate of N1,301 per dollar, signifying the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) from the preceding trading day.
The statement, signed by Dr. Hassan Mahmud, the Director of CBN’s Trade & Exchange Department, outlined that all BDCs are permitted to sell to end-users with a margin not exceeding one percent above the purchase rate from CBN.
READ ALSO: Bureau De Change operators in Abuja cease operation over scarcity of dollar
The statement reads: “Following the on-going reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.
“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO.”
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