The Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators, as revealed in a circular posted on its website earlier this week.
According to the apex bank’s directive, each BDC will be provided with $10,000 at the rate of N1,101 per dollar.
However, the CBN has instructed the operators to maintain a maximum spread of 1.5% above the CBN rate during their sales to customers.
In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).
This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.
The statement read, ” We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”
