CBN directs BDCs to sell dollars at N1,251/$1

CBN directs BDCs to sell dollars at N1,251/$1

The Central Bank of Nigeria (CBN) has sold dollars to Bureau De Change operators at the rate of N1,251/$1.

It also directed them to sell to willing buyers at N1,269 per dollar, which is 1.5 per cent of the buying price.

This was made known on Monday in a statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud.

He said $10,000 was made available to each of the BDCs which benefited from this.

Last month, the bank had announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

Former CBN governor, Godwin Emefiele, had stopped the sales of foreign exchange to BDCs in 2021.

Mahmud in the latest statement said, “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 mora than 1.5 per cent above the purchase price.

“All eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.”

The bank threatened sanction to any BDC that breaches its directive.

“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale.”

CBN directs BDCs to sell dollars at N1,251/$1