The Central Bank of Nigeria (CBN) on Monday sold dollars to Bureau De Change ( BDC)operators at the rate of N1,251/$1.
A statement issued by the apex bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud, said $10,000 was made available to each of the eligible BDCs at the rate of N1251/$
According to Mahmud, the BDCs “are directed’ to sell the dollar at a rate not exceeding 1.5 percent above the price sold by the Apex bank which is N1269/$
“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 mora than 1.5 per cent above the purchase price.
“ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.”
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale,” the statement read.
In July 2021, the Central Bank of Nigeria CBN under the former Governor, Godwin Emefiele discontinued the sale of Forex to BDC operators saying the BDC operators were making efforts to dolarise the Nigerian economy.
Emefiele also accused the BDCs of working with politicians and becoming conduit channels for money laundering and other related issues
