CBN sells dollars to BDCs at N1, 101/$1 - NEWS FRONTIER DAILY


Monday, April 8, 2024

CBN sells dollars to BDCs at N1, 101/$1

The Central Bank of Nigeria (CBN) has again intervened in the parallel market with the sale of $10, 000 to each of the 1, 588 eligible Bureau De Change Operators, across the country.

The sale, announced in a circular yesterday, was at the rate of N1, 101/$1 in the apex bank’s sustained move to strengthen the Naira against the Dollar at the Foreign Exchange Market.

In a circular addressed to the President of the Association of Bureau de Change Operators in Nigeria, dated April 8, 2024, the apex bank declared that the intervention would be at the rate of N1, 101/$1 it directed BDCs to sell to eligible end-users at a spread not more than 1.5 percent above the purchase price.

It directed that all eligible BDCs should immediately commence payment of Naira Deposit into designated CBN accounts and subsequently submit Confirmation of Payment with other necessary documents for disbursement at the appropriate CBN branches.

The apex bank advised all NDCs to continue to adhere, strictly, to the rules and conditions as stipulated in earlier letters and circulars.


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