The Central Bank of Nigeria (CBN) has allocated $10,000 to Bureau De Change (BDC) operators at an exchange rate of N1,251 per United States dollar, as detailed in a circular signed by Hassan Mahmud, the CBN Director of Trade and Exchange Department.
The directive from the apex bank instructs BDCs to offer dollars to qualified customers at a rate not exceeding 1.5% above the buying price. This implies that BDCs are advised not to exceed the rate of N1,269 for each $1 sold.
In part, the circular states: “We refer to our previous communication referenced TED/DIR/CON/GOM/001/071 concerning the above matter, wherein the CBN approved a second tranche of FX sale to eligible BDCs. We are writing to notify you of the sale of $10,000 to each BDC at the rate of N1,251/$1. BDCs are mandated to sell to eligible end users at a spread of NO MORE THAN 1.5% above the purchase price.”
