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CBN sells $10,000 to Bureau De Change operators at N1,251/$1


CBN sells $10,000 to Bureau De Change operators at N1,251/$1

The Central Bank of Nigeria has notified Bureau De Change Operators about the sale of $10,000 to each BDC at a rate of N1,251/$1, according to a circular signed by the bank’s Director, Trade and Exchange Department, Dr. Hassan Mahmud, on Monday.

In the circular, the apex bank instructed each BDC to sell the allocated dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, meaning they should not sell for more than N1,269/$1.

It was reported that the CBN had earlier announced the decision to provide $20,000 to each eligible Bureau De Change operator nationwide in February.

READ ALSO: CBN resumes sale of dollar to BDCs

This move comes after more than two years since the former CBN Governor, Godwin Emefiele, halted the sale of foreign exchange to BDC operators in that segment of the forex market.

The document read, “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 mora than 1.5 per cent above the purchase price.”

This confirms a resumption of the sale of dollars to BDC operators after a protracted period of ban by the central bank in 2021.

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