The apex bank made this known in a circular issued on Monday by its Trade and Exchange Department to the President Association of Bureau De Change Operators of Nigeria and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud.
The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each Bureau De Change (BDC) operator at a rate of N1,251 per $1.
The apex bank made this known in a circular issued on Monday by its Trade and Exchange Department to the President Association of Bureau De Change Operators of Nigeria and signed by the bank’s Director, Trade and Exchange Department, Dr Hassan Mahmud.
The CBN in the circular directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price, suggesting that each BDC is not expected to sell above N1,269/$1.
Recall that the CBN had in February announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.
The embattled former CBN Governor, Godwin Emefiele, had stopped the sales of foreign exchange to BDC operators in that segment of the forex market over two years ago.
The CBN circular titled "Sales of FX to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions" read, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN 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 MORE THAN 1.5 per cent above the purchase price.”
The apex bank therefore directed eligible BDCs operators to make the Naira payment to the CBN Naira Deposit Account Numbers listed in the circular before close of business on Thursday and submit confirmation of payment, with other necessary documentation for disbursement at the appropriate CBN branches.