CBN sells FX to BDCs at N1,251/$1

The Central Bank of Nigeria (CBN) has sold $10,000 to all eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.

In a circular issued by its Director of Trade and Exchange Department, Hassan Mahmud, and sent to the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe on Monday, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.

Therefore, the BDCs are not allowed to sell above N1,269/$1.

The CBN threatened to sanction any infraction by the BDC operators.

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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 CBN 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.

“Any BDC that breaches the above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”

By: Babajide Okeowo

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