CBN Sells Dollars To BDC Operators At N1,101/$

The Central Bank of Nigeria (CBN) has declared to sell dollars to Bureau De Change (BDC) operators at the rate of N1,101 per one dollar.

According to a circular uploaded to its website on Monday, the apex bank directed the operators to sell at a spread not more than 1.5 per cent above the purchase rate.

In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and instructed 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 CBN’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.”

“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.”

This recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.