CBN Sells $10,000 To BDCs At N1,101/$, Directs Operators To Maintain 1.5% Spread

CBN Sells $10,000 To BDCs At N1,101/$, Directs Operators To Maintain 1.5% Spread

The Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators at a rate of N1,101 per dollar. This disclosure was made through a circular uploaded to the CBN’s website on Monday……READ ALSO Former CBN Governor, Emefiele, Arrives In Lagos Court For Arraignment

According to the apex bank, each BDC is entitled to purchase $10,000 at the specified rate and is directed to sell at a spread not exceeding 1.5 percent above the CBN rate.

In March, the CBN sold $10,000 to BDCs at a rate of N1,251 per dollar, with the directive for BDCs to sell to eligible customers at a rate not exceeding 1.5 percent above the purchase price.

This recent development follows the CBN’s earlier decision in February to sell foreign exchange worth $20,000 to eligible BDCs across the country.

The statement from the CBN reads: “We write to inform you of the sale of $10,000 by the CBN to BDC at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”