CBN slashes BDC exchange rate to N1,036.3/$ - NEWS FRONTIER DAILY


Tuesday, April 23, 2024

CBN slashes BDC exchange rate to N1,036.3/$

The Central Bank of Nigeria, CBN, has slashed the exchange rate in the Bureaux De Change, BDC,  segment of the forex market by 7.2 per cent or N81.2 to N1,036.3  per dollar even as it commenced another round of dollar sale to 1,583 eligible BDCs.

The CBN announced the new rate in a circular today saying it will sell $10,000 to each BDC at N1,021 per dollar, for eligible invisible transactions,directing that the BDCs should sell to eligible end-users at a spread of not more than 1.5 percent.

This means BDCs will sell to end users at a maximum exchange rate of N1,036.3 per dollar.

Announcing the new rate in a circular today, Dr. Hassan Mahmud, Trade and Exchange Department, CBN said: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BNCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price. 

“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024 and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.

All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier letters/operational guidelines.”

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