CBN sells dollars to BD once more

The Central Bank of Nigeria on Monday disclosed that it sold $10,000 to each Bureau De Change operator at a rate of N1,101 per US dollar.

The bank disclosed this in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria.

In the circular, signed by W.J. Kanya on behalf of the Director of the Trade and Exchange Department, the CBN also instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are, in turn, to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today, Monday, April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches,” the CBN said.

It also advised all BDCs to continue to adhere strictly to the market rules and conditions as stipulated in its earlier letters.

Earlier, after the CBN sold dollars to the BDCs at N1,251, the Association of Bureaux De Change Operators of Nigeria made an appeal to the apex bank to adjust and review the rate downwards for its members.

It explained that the parallel market rate of N1,235 was lower than the buying exchange and the 1.5 per cent sales margin.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5 per cent are yet to receive their disbursement.

“This is happening in the face of the prevailing open market rate of N1,235/$, which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” the BDCs said.