The Central Bank of Nigeria (CBN) has notified Bureau De Change (BDC) operators that it has sold $10,000 to each BDC at a rate of N1,251 per US dollar. This information was shared in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. Hassan Mahmud, the Director of the Trade & Exchange Department, signed the circular. Additionally, the CBN instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.
The circular stated, “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 MORE THAN 1.5 per cent above the purchase price. Please note that any BDC that breaches above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”
It directed all eligible entities to make the naira payment to the designated CBN Naira Deposit Account Numbers before close of business on Thursday by submitting confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN branches.
Also read Dollar to Naira Exchange Rate: The Instability, Depreciation, and CBN Strategies