According to a circular that was published on its website, the Central Bank of Nigeria (CBN) once again declared on Monday that dollars would be sold to Bureau De Change (BDC) operators.
The operators were given instructions by the CBN to maintain a spread of no more than 1.5 percent above the CBN rate, and the CBN revealed its intention to sell $10,000 to each BDC at the rate of N1101/$.
The top bank previously sold $10,000 to BDCs in March at a rate of N1,251/$, and instructed them to resell to qualified clients at a cost no more than 1.5 percent above the purchase price (N1,269/$1).
A recent statement announced the sale of $10,000 to Bureau De Change (BDC) operators countrywide at a rate of 1101/$. This sale comes after the Central Bank’s earlier decision in February to distribute foreign exchange valued at $20,000 to qualifying BDC businesses nationally.
The BDCs are instructed to charge no more than 1.5 percent of the purchase price as a spread when selling to qualified end customers.
This happened in response to an application made to the CBN by the Association of Bureau De Change Operators of Nigeria, which asked for a modification and decrease in the exchange rate that was established at N1,251/$ for its members.
