The Central Bank of Nigeria, CBN, has provided Bureau De Change, BDCs, operators with $10,000 at an exchange rate of N1,251 per United States, US, dollar.
This was revealed in a circular signed by Hassan Mahmud, the
CBN Director of Trade and Exchange Department.
The apex bank instructed the BDCs to offer dollars to
qualified customers at a rate not more than 1.5 per cent above the buying
price.
This indicates that BDCs are advised not to sell above
N1,269 for each $1.
The circular reads partly: “We refer to our letter to you
referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the
CB approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC
at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a
spread of NOT MORE THAN 1.5 per cent above the purchase price.”
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