FX crisis: Don’t sell above N1,269 per dollar – CBN orders BDCs

 The Central Bank of Nigeria, CBN, has provided Bureau De
Change, BDCs, operators with $10,000 at an exchange rate of N1,251 per United
States, US, dollar.

This was revealed in a circular signed by Hassan Mahmud, the
CBN Director of Trade and Exchange Department.

The apex bank instructed the BDCs to offer dollars to
qualified customers at a rate not more than 1.5 per cent above the buying
price.

This indicates that BDCs are advised not to sell above
N1,269 for each $1.

The circular reads partly: “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.