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CBN Sells Dollar To Bureau De Change Operators At N1,251 | Citizen NewsNG

ByCitizen NewsNG

Mar 27, 2024

 

By Tanko Lami

The Central Bank of Nigeria (CBN) has communicated to Bureau De Change (BDC) operators its decision to sell $10,000 to each BDC at a rate of N1,251 per dollar.

The circular, signed by the Director of the Trade and Exchange Department at thse CBN, Dr Hassan Mahmud was made available to PUNCH Online on Monday.

The directive mandates each BDC to sell the allocated dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price, meaning that the maximum selling rate permitted by BDCs would be N1,269 per dollar.

This decision follows the CBN’s announcement in February to provide foreign exchange worth $20,000 to each eligible BDC operator nationwide, marking a significant policy shift.

The move comes over two years after the former CBN Governor, Godwin Emefiele, halted the sale of foreign exchange to BDC operators in the forex market segment.

The circular reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN approved a second tranche of sale of FX to eligible BDCs. 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 percent above the purchase price.”

This announcement confirms the resumption of dollar sales to BDC operators, marking a significant development in the forex market after the prolonged ban imposed by the central bank in 2021.

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