CBN sells dollar to BDCs at N1,021/$1

CBN sells dollar to BDCs at N1,021/$1

The Central Bank of Nigeria (CBN) has announced a $10,000 sale to each licensed Bureau De Change (BDC) operator nationwide.

The apex bank has made its second intervention this month.

The CBN detailed the action in a circular issued to the President of the Association of Bureau De Change Operators (ABCON).

BDCs can purchase dollars at a rate of N1,021 per dollar.

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They are, therefore, authorized to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

On the 8th of April 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1101 per US dollar at a spread capped at 1.5 percent above the purchase price from the CBN (approximately N1,116.15 per dollar). This limited the potential profit BDCs could make on each transaction

The latest circular has instructed all eligible BDCs to commence immediate payment of the Naira equivalent for their allocated $10,000 into designated CBN Naira Deposit Accounts.

CBN sells dollar to BDCs at N1,021/$1