The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators notifying them that $10,000 will be sold to each BDC at a rate of N1,251/$1.
This was stated in a memo on Monday that was signed by Dr. Hassan Mahmud, the bank’s director of the trade and exchange department.
It is implied that no BDC is likely to sell for more than N1,269/$1 after the apex bank instructed all of the BDCs to sell the dollars to qualified customers at a rate not to exceed 1.5% above the acquisition price.
It was earlier reported that the CBN announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February.
This is coming more than two years after the former CBN Governor, Godwin Emefiele, stopped the sales 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.
