NairaMetrics reports that the Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), stating the sale of $10,000 to each BDC at a rate of N1,101/$1. The circular, titled ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’ and dated April 8, was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON).
Below is the official letter of the CBN to ABCON, dated 8th April 2024:
Less than a month after the announcement of the second tranche of sales on March 25, the CBN disclosed this development. According to the circular, each BDC operator is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This means BDCs are not expected to sell above N1,117/$1. The document states, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of N1101/$1.”