The Central Bank of Nigeria (CBN) has recently issued a circular addressed to Bureau De Change (BDC) operators, detailing the sale of $10,000 to each BDC at a fixed rate of N1,251/$1.
This directive, signed by Dr. Hassan Mahmud, Director of the Trade and Exchange Department at the CBN, was disclosed on Monday via a circular accessible to GOVIMA
According to the circular, each BDC is instructed to sell the allocated dollars to eligible customers at a rate not exceeding 1.5% above the purchase price, effectively capping the maximum sale price at N1,269/$1. This move follows the CBN’s announcement in February to provide foreign exchange worth $20,000 to every eligible BDC operator nationwide.
This development marks a significant shift in the CBN’s policy regarding BDC operators, especially since the cessation of foreign exchange sales to this segment of the forex market over two years ago during the tenure of former CBN Governor, Godwin Emefiele.
In correspondence with BDC operators, the CBN’s document stated, “We refer to our previous communication referenced TED/DIR/CON/GOM/001/071 regarding the subject matter, wherein the CBN approved a second tranche of FX sales 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% above the purchase price.”
This announcement signifies a resumption of dollar sales to BDC operators after a prolonged ban by the central bank in 2021.
