CBN Sells Fresh Dollars To BDCs At N1,021/$

CBN sells fresh dollars to BDCs at N1,021/$

The Central Bank of Nigeria (CBN) has issued a circular announcing fresh sales of $10,000 to each licensed Bureau De Change (BDC) operator in the country at N1,021/$.

The BDCs are directed, in turn, to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

This marks the second of such direct sales to BDCs this month and the fourth in the current year, indicating that the apex bank is proactive in managing the fluctuation of the Naira and meeting the essential foreign exchange needs of the people.

The CBN outlined the details of the sales in a circular addressed to the president of the Association of Bureau De Change Operators (ABCON) and urged the BDCs to play by the rules.

The CBN’s intervention aims at addressing the retail-end market, particularly for invisible transactions such as travel allowances, tuition fees, and medical payments, etc.

The circular states in part, “All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches.”

On April 8, 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1, 101/$ at a spread capped at 1.5 per cent above the purchase price from the CBN.

Also, the CBN, in February 2024, announced the sales of $20,000 to each BDCS at the rate of N1,301/$.