Again, CBN Sells $10,000 To BDCs At ₦1,101/$

The Central Bank of Nigeria (CBN) announced on Monday that it had sold dollars to Bureau De Change operators.

Naija News reports that CBN disclosed this in a circular uploaded to its website on Monday.

The apex bank said it is set to sell $10,000 to each BDC at N1101/$ and directed the operators to sell at a spread not more than 1.5 percent above the CBN rate.

In March, the apex bank sold $10,000 to BDCs at a rate of ₦1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (₦1,269/$1).

This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.

The statement read, ” We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

This recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the ₦1,251/$ it pegged for its members.