CBN’s Latest Action: Sells $10,000 To BDCs At N1,101/$

CBN’s Latest Action: Sells $10,000 To BDCs At N1,101/$....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) made an announcement on Monday regarding its sale of dollars to Bureau De Change (BDC) operators. This information was disclosed in a circular posted on the CBN’s website the same day.

According to the apex bank, it has initiated the sale of $10,000 to each BDC at a rate of N1101/$, with a directive for operators to maintain a spread not exceeding 1.5 percent above the CBN rate in their sales.

In the previous month of March, the CBN had sold $10,000 to BDCs at a rate of N1,251/$ and instructed them to sell to eligible customers at a rate not surpassing 1.5 percent above the purchase price (N1,269/$1).

This recent action follows the CBN’s decision in February to provide foreign exchange worth $20,000 to eligible BDCs nationwide.

The statement issued by the CBN 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.”

This move comes after an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate, which was previously set at N1,251/$ for its members.

Enioluwa Adeniyi, an Associate at Naija News, contributed to this report. He is passionate about news media and holds a degree in psychology, with a keen interest in exploring and sharing insights into the human mind. He can be reached via email at enioluwa@naijanews.com, and on Instagram at adeniyidman.

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