The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators, informing them of direct sales of US dollars at a discounted rate of N1,021 per dollar.
This announcement marks the second such sale this month and the fourth in 2024.
In February 2024, the CBN initiated the sale of $20,000 to each BDC at the rate of N1,301/$. Subsequently, the allocation was reduced by 50%, with FX sold at a rate of N1,251/$1.
Earlier this month, the apex bank conducted a sale of $10,000 to each BDC at a rate of N1,101/$1.
This latest policy is primarily targeted at addressing retail-end market demands, particularly for invisible transactions such as travel allowances, tuition fees, and medical payments. Under this framework, eligible BDCs will receive a total of $10,000 each from the CBN.
According to the circular, these BDCs are mandated to sell to end-users with a maximum markup of 1.5% above the buying price.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are, in turn, to sell to eligible end-users at a spread of NOT MORE THAN 1.5 percent above the purchase price,“ the CBN circular reads.
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
