CBN Sells $10,000 At A Rate Of N1,101 Per Dollar

BUREAU De Change (BDC) operators have received a circular from the Central Bank of Nigeria (CBN) alerting them to the sale of $10,000 to each operator at a rate of N1,101 per dollar.

The circular states that each BDC must sell the dollars to qualified clients at a markup of no more than 1.5% over the acquisition price.

Accordingly, it is not anticipated that BDCs will sell for more than N1,117 per unit.

The selling rate, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), is less than the N1,251.05 per dollar that was noted at the conclusion of the previous week.

Remember that the CBN also informed BDC operators in March of the sale of $10,000 to each BDC at a rate of N1,251 to the dollar in a circular that was sent to them.

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 no BDC is likely to sell for more than N1,269 to the dollar after CBN instructed each BDC to sell the dollars to qualified customers 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 occurred more over two years after Godwin Emefiele, the former governor of the CBN, discontinued selling foreign exchange to BDC operators in that particular market segment.