Money Market
CBN sells dollars to BDCs at N1,021/$
The Central Bank of Nigeria (CBN) has further reduced the
foreign exchange (FX) rate for dollar allocations to bureau de change (BDC)
operators.
On Tuesday, the CBN, in a circular signed by Hassan Mahmud,
director, trade and exchange department, said it sold $10,000 at the rate of
N1,021/$ to each BDCS.
The circular titled, ‘SALE OF FX TO BDCs TO MEET MARKET
DEMAND (RETAIL-END) FOR INVISIBLE TRANSACTIONS’ was addressed to the president
of the Association of Bureau De Change Operators of Nigeria (ABCON).
“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,” CBN said.
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