The foreign exchange rate for dollar allocations to the bureau de change (BDC) operators has been further decreased by the Central Bank of Nigeria (CBN).
In a circular dated Tuesday and signed by Trade and Exchange Department Director Hassan Mahmud, the CBN stated that it had sold $10,000 to each BDCS at a rate of N1,021/$.
The circular titled, ‘SALE OF FX TO BDCs TO MEET MARKET DEMAND (RETAIL-END) FOR INVISIBLE TRANSACTIONS’ was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON).
“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” CBN said.
“ALL eligible BDCs are therefore directed to commerce payment of the Naira deposits to the underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024 and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
The statement came after the CBN refuted reports that it had lowered the rate of foreign exchange allocations to BDCs to N1,001/$1.
FX has been sold by CBN to BDCs at a discount to both the official and black market prices. [CONTINUE READING HERE]
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