- The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price
The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1.
According to a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from this.
The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, implying the BDCs are not expected to sell above N1,269/$1.
On July 27, 2021, the Central Bank of Nigeria (CBN) ceased the sale of foreign exchange to Bureau de Change (BDCs), citing their involvement in trading FX wholesale amounts exceeding $5,000, which violated their licenses and Nigeria’s FX regulations.
In February, the CBN announced its decision to allocate $20,000 worth of foreign exchange to each eligible BDC operator nationwide.
This decision comes after more than two years since the former CBN Governor, Godwin Emefiele, suspended the sale of foreign exchange to BDC operators. On Monday, the naira maintained a steady appreciation against the United States dollar, gaining N14 to close at 1,408/$ at the official market.