The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar.
According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no higher than 1.5 percent over the purchase price, implying that BDCs are expected to sell at a maximum of N1,269/$1.
The central bank, however, did not specify how many BDCs will receive the Forex allotment.
The circular states, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”
This announcement marks the resumption of dollar sales to BDC operators after a prolonged ban imposed by the central bank in 2021.
The ban was lifted earlier this year following the revocation of licenses of over 4,173 BDC operators in February.
Do you have any information or event for ABUJAPRESS to publish or cover? Kindly Call us on +2349075556668 or send us message on Whatsapp number +2349075556668 or send us an email [email protected]
No comments