JUST IN: Dollar To Sell At New Lower Price As CBN Gives It To BDCs At N1,251

The Central Bank of Nigeria (CBN) has released a circular to Bureau De Change (BDC) operators, notifying them of the sale of $10,000 to each BDC at a rate of N1,251/$1.

In the circular signed by the bank’s Director, Trade and Exchange Department, Dr. Hassan Mahmud, it was stated, “We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price.”

The apex bank directed BDCs to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying that each BDC is not expected to sell above N1,269/$1.

The decision follows the CBN’s announcement in February to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. This move comes after more than two years since the former CBN Governor, Godwin Emefiele, halted the sales of foreign exchange to BDC operators in that segment of the forex market.

This development confirms a resumption of dollar sales to BDC operators after a protracted ban by the central bank in 2021.