The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to Bureau De Change (BDC) operators at N1,101 per dollar.
The apex bank disclosed this in a circular uploaded on its website on Monday.
The CBN said it is set to sell $10,000 to each of the BDC operators at N1101/$ and directed the operators to sell at a spread not more than 1.5 percent above the CBN rate.
It could be recalled that in March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 percent above the purchase price (N1,269/$1).
The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 8, 2024.
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It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.
The statement read, ” 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 recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.
The Bureau De Change (BDC) operators play a crucial role in the currency exchange market. These retail currency changers facilitate the buying and selling of legal tender in various currencies.
Their primary objective is to buy at a lower rate and sell at a higher rate, aiming for a profitable spread.
