Forex Crisis: CBN Orders BDCs Not To Sell Above N1269 Per Dollar

Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251/$1.

Gatekeepers News reports that in a circular recently released, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggest BDC are not expected to sell above N1,269/$1.

“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB 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 per cent above the purchase price.”

This confirms the resumption of dollar sales to BDC operators after a prolonged period of suspension by the central bank in 2021.

The ban was lifted earlier in the year following the revocation of licences of over 4173 BDC operators in February.