The selling of dollars to Bureau De Change operators has once again been confirmed by the Central Bank of Nigeria.
This was revealed in a circular that was posted on its website on Monday.
The top bank instructed the operators to sell at a spread of no more than 1.5% above the CBN rate and stated that it is prepared to sell $10,000 to each BDC at N1101/$.
This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market. [CONTINUE READING HERE]
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