The Central Bank of Nigeria (CBN) has provided Bureau De Change (BDC) operators with $10,000 at an exchange rate of N1, 251 per US dollar.
CBN’s Director of Trade and Exchange Department, Hassan Mahmud, revealed this through a circular.
In it, the apex bank instructed the BDCs to sell dollars to qualified customers at a rate not more than 1.5 per cent above the buying price.
In other words, the 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.
“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.”
