CBN Sells $10,000 to BDCs at N1,101/$

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By Isah Aliyu Chiroma

The Central Bank of Nigeria, CBN, has again announced the sales of dollars to Bureau De Change operators.

This was  disclosed in a circular uploaded to the CBN website on Monday.

The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

In March, the CBN 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 per cent above the purchase price (N1,269/$1).

This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.

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.

ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade and Exchange Department.

The parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ (plus a 1.5 per cent margin) set by the CBN in its latest tranche of interventions.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 8, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

Latest data on its website indicates that Nigeria’s foreign exchange experienced a sharp decline of about $1.02bn within 18 days, as of April 4.

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