BREAKING: CBN Begins Sale of $10,000 to BDC Operators at N1,101/$
By Alabidun Shuaib AbdulRahman
The Central Bank of Nigeria (CBN) has announced its decision to resume the sale of dollars to bureau de change (BDC) operators, aiming to address the demand for eligible invisible transactions in the retail market, INCNews247 can report.
In a circular obtained by INCNews247 titled “Sales of FX to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,” signed by Dr. W.J. Kanya on behalf of the Director of Trade & Exchange Department, the CBN disclosed its plan to sell $10,000 to each BDC at the rate of N1,101/$1.
Dr. W.J. Kanya stated, “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,101/$1.
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“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”
The circular further directed all eligible BDCs to commence payment of the Naira deposit, emphasizing their obligation to adhere to the rules and conditions outlined in previous communications.
Commenting on the decision, a representative from the CBN remarked, “All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars.”
