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Akinwande Soji-Ojo
The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each Bureau de Change (BDC) operators at a rate of N1,251/$1.
This was contained in a circular signed by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, on Monday.
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 that each BDC is not expected to sell above N1,269/$1.
Recall that the CBN had in February announced its decision to sell foreign exchange worth $20,000 to each BDC operator across the country.
“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,” the circular read.