The Central Bank of Nigeria (CBN) has issued a circular informing Bureau De Change (BDC) operators of its decision to provide them with $10,000 each at an exchange rate of N1,251 per United States dollar (USD).
The circular, signed by Hassan Mahmud, Director of the CBN’s Trade and Exchange Department, outlines the guidelines for the disbursement of the allocated funds.
BDCs are instructed to offer dollars to qualified customers at a rate not exceeding 1.5 percent above the buying price, effectively capping the selling price at N1,269 for every $1.
In the circular, Mahmud 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.”
