By Busari Kabirat
The Central Bank of Nigeria had on Monday circulated a letter to all Bureau De Change operators (BDCs), within the country informing them about the sale of $10,000 to each BDC operators at a rate of N1,101/$1.
This was made known in a posted circular on the CBN website, making it known that each BDC operator is expected to sell dollars to eligible customers at a rate not more than 1.5% above the purchase price which is expected to sell above N1,117/$1.
The selling rate must not be less than N1,251.05/$1 according to recorded data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), last week.
CBN circular reads: “The President Association of Bureau De Change Operators Of Nigena, we write to inform you of the sale of $10,000 Foreign exchange by the Central Bank of Nigena (CBN) to BDCs at the rate of N1101/$1. The BDCs are in tum to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.
“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today Monday April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches:
“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earler letters/circulars.”
