CBN Sells $10,000 To Each BDC Operator At N1,251 Per Dollar

Operators of Bureau De Changes (BDCs) have received a notification from the Central Bank of Nigeria (CBN) about the sale of $10,000 to each BDC at a rate of N1,251 to the dollar.

This was stated in the circular dated Monday, March 25, and signed by Dr. Hassan Mahmud, Director of the CBN's Trade and Exchange Department.

It is implied that each BDC is not anticipated to sell more than N1,269 to a dollar since CBN instructed all of the BDCs to sell the dollars to qualified clients at a rate not to exceed 1.5 percent above the acquisition price.

The country's top bank declared in February that it would sell foreign currency valued at $20,000 to every qualified Bureau De Change operator.

This occurs more than two years after foreign exchange sales to BDC operators in that particular FX market segment were discontinued by the former governor of the CBN, Godwin Emefiele.

The document read, “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.”

This demonstrates that dollar sales to BDC operators have resumed following a lengthy CBN restriction that ended in 2021.