CBN Approves $10,000 Sale To Bureaux De Change At N1,251/$1 Exchange Rate

• CBN approves sale of $10,000 to each BDC at N1,251/$1 rate.

• Circular directs BDCs to sell to eligible users with a spread of not more than 1.5% above purchase price.

• Second tranche of foreign exchange sale to eligible BDCs authorized by the apex bank.

The Central Bank of Nigeria (CBN) has sanctioned the sale of $10,000 to individual Bureau De Change (BDC) operators at the exchange rate of N1,251/$1. This directive was communicated to the BDCs through an official circular issued by the CBN.

Additionally, the circular signifies the CBN’s authorization for a second phase of foreign exchange sales to eligible BDCs.

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As part of the directives, the apex bank has instructed BDCs to retail the foreign currency to eligible end-users, ensuring that the spread does not exceed 1.5% above the purchase price.

The circular 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.

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“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.”

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