CBN sells FX to 1538 BDCs at N1,021 per dollar

The Central Bank of Nigeria (CBN) has informed Bureau De Change (BDC) operators about direct sales of US dollars at a discounted rate of N1,021 per dollar.

The directive was contained in a circular issued by the apex bank on Tuesday, 23 April 2024.

This is the second sale this month and the fourth in the current year which reflects CBN’s move to manage currency fluctuation and meet essential foreign exchange needs.

In February 2024, the CBN announced the selling of $20,000 to each BDCS at the rate of N1,301/$.

By the second attempt, the CBN then reduced the allocation by 50% and sold FX at a rate of N1,251/$1.

ALSO READ: CBN slashes Customs exchange rate by 7.1%

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1,” Hassan Mahmud, CBN Director, Trade and Exchange Department said in the circular.

“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the under listed CBN Naira Deposit Account Numbers from today, Monday April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.

“All BDCs were advised to continue to abide by the rules and conditions as stipulated in earlier letters/operational guidelines.”