CBN orders BDCs to sell dollar at N1,269

The Central Bank of Nigeria (CBN) has directed each Bureau de Change (BDC) operator to sell dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

This implies that the BDCs are not expected to sell above N1,269/$1.

The CBN gave the directive after allocating $10,000 to each BDC operator at N1,251/$ on Monday, March 25, 2024.

The apex bank made this known via a circular issued by its Director, Trade and Exchange Department, Dr Hassan Mahmud, on Monday.

The circular read: “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 the sale of FX to eligible BDCs.

Naira gains against dollar, exchanges at N1,431

“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 more than 1.5 per cent above the purchase price.”

The latest development confirmed the resumption of dollar sales to BDC operators after a prolonged period of suspension by the CBN in 2021.

The ban was however lifted in 2024, following the revocation of licences of over 4,173 BDC operators in February.

Meanwhile, the naira maintained a steady appreciation against the dollar on Monday, gaining N14 to close at 1,408/$ at the official market.

The Star