Forex: CBN Sells $10,000 To BDCs At N1,101/$1

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The Central Bank of Nigeria, CBN has reviewed the exchange rate for Bureau De Charge, BDC operators to N1,101 per dollar from N1,251/$1 sold last week.

In a circular issued by the apex bank and posted on its X handle, the sale of $10,000 to each BDC was at a rate of N1,101/$1 and they are expected to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This implies that each BDC is not expected to sell above N1,117/ per $1.

The circular instructs all eligible BDCs to commence payment of their Naira deposit to a CBN account from Monday, April 8, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate branch of the apex bank.

With this, the CBN plans to sell $15.88 million to 1,588 eligible BDCs. This measure according to the circular is intended to facilitate access to foreign exchange for legitimate transactions within the retail market.

This development underscores the CBN’s ongoing efforts to regulate and stabilise the forex market, ensuring transparency and compliance within the Bureau De Change sector.

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