CBN approves daily sale of $10,000 to BDCs at ₦1,101/dollar

News Agency Of Nigeria

April 8, 2024 12:36 PM

The BDC operators are expected to sell the dollars to eligible end users at a spread of not more than 1.5% above the purchase price.

CBN approves daily sale of $10,000 to BDCs at ₦1,101/dollar [PBC]

The Central Bank of Nigeria (CBN) has approved daily sales of 10,000 dollars to 1,588 eligible Bureau De Change operators at the rate of ₦1,101 to the dollar.

The Director of Trade and Exchange Department of the CBN, W.J Kanya said this in a letter addressed to the President of the Association of Bureau De Change Operators (ABCON) on Monday in Abuja.

According to the letter, the BDC operators are expected to sell the dollars to eligible end users at a spread of not more than 1.5% above the purchase price. It directed all eligible BDCs to effect payment of the Naira deposit at the CBN Naira deposit account from Monday.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier circulars,’’ it said.

The News Agency of Nigeria (NAN) reports that the ABCON President, Aminu Gwadabe had over the weekend, appealed to the apex bank to lower its applicable exchange rate below the ₦1,251 to the dollar it had pegged for BDCs.

Gwadabe complained that ₦1,251 to the dollar had become too expensive for the BDCs. His complaint came on the heels of development in the foreign exchange market where the parallel market rate of ₦1,235 to the dollar became lower than the official rate of ₦1,252 to the dollar.

He said that the BDCs were recording losses.

News Agency Of Nigeria