The Central Bank of Nigeria (CBN) has disclosed that it sold $10,000 to each Bureau De Change (BDC) operator at a rate of N1,101 per US dollar. This information was shared in a circular addressed to the President of the Association of Bureau De Change Operators of Nigeria.
The circular, signed by W.J. Kanya on behalf of the Director of the Trade and Exchange Department, also instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are, in turn, to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price,” the CBN said.
Additionally, the CBN advised all BDCs to continue adhering strictly to market rules and conditions as stipulated in its earlier letters.
This announcement follows a recent appeal made by the Association of Bureaux De Change Operators of Nigeria to the apex bank to adjust and review the rate downwards for its members. The association pointed out that the parallel market rate of N1,235 was lower than the buying exchange and the 1.5 per cent sales margin.
“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement,” the BDCs said.
The CBN has directed all eligible BDCs to commence payment of the Naira deposit to specified 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.
