CBN sells dollars to BDCs— Report

The Central Bank of Nigeria on Tuesday disclosed that it sold $10,000 to each Bureau De Change operator at a rate of N1,021 per US dollar.

 

This is the second time this month that the apex bank sold US dollars to the BDCs. The bank, on 8 April, sold $10,000 to each BDC operator at a rate of N1,101 per US dollar.

 

The apex bank disclosed the sale in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria.

 

In the circular, signed by the CBN’s Director of the Trade and Exchange Department, Hassan Mahmud, the bank also instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase 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 per cent above the purchase price.

 

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the under-listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches,” the circular read.

 

It also advised all BDCs to continue to adhere strictly to the market rules and conditions as stipulated in its earlier letters.

 

The Naira, although recently praised as one of the best-performing currencies, fell to N1,234 on Monday from N1,169 on Friday on the official NAFEM window.