Monday, April 8, 2024

CBN sells $10,000 to BDCs at N1,101 per dollar

The Central Bank of Nigeria has once again declared that dollars will be sold to bureaux de change at N1,101 per dollar. 

• April 8, 2024

The Central Bank of Nigeria has once again declared that dollars will be sold to bureaux de change at N1,101 per dollar. 

The CBN revealed this in a circular dated April 8 posted on its website. 

The circular, ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’, was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON). 

The CBN stated that it intended to sell $10,000 to each BDC’s operators at N1101 per dollar$ and instructed the operators to sell at a spread of no more than 1.5 percent above the CBN rate.

Last month, the CBN disclosed selling $10,000 to each Bureau De Change operator at N1,251 per U.S. dollar.

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