March 25, (THEWILL) – The Central Bank of Nigeria (CBN) has sold $10,000 to each Bureau De Change (BDC) operator at the rate of N1,251/$1.
The apex bank, in a statement issued by its Director, Trade and Exchange Department, Dr Hassan Mahmud, however, directed the BDCs not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price.
By this, THEWILL reports that the BDCs must not sell above N1,269 per dollar. The bank threatened to sanction any BDC that breaches its directive.
The statement 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 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 more than 1.5 per cent above the purchase price.
“All eligible BDCs are directed to make the Naira payment to the under-listed CBN Naira Deposit Account Numbers before the close of business on Thursday, March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.
“Please note that any BDC that breaches the above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”
About the Author
