- CBN issues circulars to BDCs for direct sale of US dollars at a discounted rate of N1,021 per dollar
- BDCs instructed to sell to end-users with a spread of not more than 1.5% above the purchase price
The Central Bank of Nigeria (CBN) has issued another circular to Bureau De Change (BDC) operators, informing them of the direct sale of US dollars at a discounted rate of N1,021 per dollar.
This move by the apex bank marks the second sale for April and the fourth time in 2024.
According to the circular, the CBN will sell $10,000 to BDCs at N1,021/$1. The BDCs are expected to sell to eligible end-users with a spread of not more than 1.5 percent above the purchase price.
The circular further directs all eligible BDCs to commence payment of the Naira deposit to designated CBN Naira Deposit Account Numbers from Monday, April 22, 2024. They must also submit payment confirmation and other necessary documentation for the disbursement of FX at the respective CBN branches.
This action is part of the CBN’s measures to support the naira’s stability, especially given its recent depreciation against the dollar.
It’s worth noting that in February 2024, the CBN announced the sale of $20,000 to each BDC at N1,301/$. Subsequently, the allocation was reduced by 50%, with FX sold at N1,251/$1. Earlier in April, the apex bank sold $10,000 to each BDC at N1,101/$1, directing the BDCs to sell at N1,036/$1 with a maximum spread of 1.5% over the buying price.