BusinessAgain, BDCs Get Dollars As CBN Warns Against Selling Above 1.5% Of...

Again, BDCs Get Dollars As CBN Warns Against Selling Above 1.5% Of Purchase Price

April 23, (THEWILL) – The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to Bureau De Change (BDC) operators at the rate of N1,021/$1.

A letter signed on Monday, April 22, by Dr. Hassan Mahmud, CBN Director, Trade and Exchange Department, directed the BDCs not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price.

The letter addressed to the President, Association of Bureau De Change Operators of Nigeria (BDCs), reads in part: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above 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 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches” in Abuja, Lagos, Awka and Kano.

“All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier letters/operational guidelines,” the apex bank further directed.

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