BREAKING: CBN ANNOUNCES SALE OF $10,000 TO BDCs AT N1,101/$
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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.
In a circular seen by Hotjist on Monday, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The circular read, “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/51.
“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.
“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 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches:
“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars, it added.”
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