The Central Bank of Nigeria, CBN, in a circular to Bureau De Change, BDC operators notified them of the sale of $10,000 to each BDC at a rate of N1,251/$1. The apex bank also instructed BDCs to sell at a rate not exceeding 1.5% above the purchase price, i.e., N1,269/$1. This is coming weeks after the CBN revoked the licenses of over 4173 BDC operators, which further attested to the dollar sales to BDC operators having paused the action in 2021.
According to the circular, “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 more than 1.5 percent above the purchase price.”
Experts believe this strategy will increase retail and small-business access to forex, resulting in a more open and effective market, hence strengthening the Naira with time.
