On Monday, the Central Bank of Nigeria (CBN) fixed the sale of dollars to Bureau de Change operators at N1,101/$1, News About Nigeria reports.
This was contained in a circular issued to Bureau de Change operators by the apex bank.
In the circular, the CBN, while informing them of the new price of the dollars, explained that it will sell $10,000 to each BDC operator at a rate of N1,101/$1.
The CBN, therefore, directed the BDCs to commence payment of the Naira deposit to the CBN Naira Deposit Account Numbers today, Monday, April 8, 2024.
The apex bank also instructed the BDC operators to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
This means the BDC operators are not expected to sell above N1,117/$1.
The statement partly reads, “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 percent of the purchase price.
“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 8, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”
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 N1,251/$ it pegged for its members.
In response to their appeal, the CBN changed the selling rate from N1,251.05/$1 recorded at the end of last week to 1101/$.
