The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.
Dr Hassan Mahmud, the Director, Trade and Exchange Department, disclosed this in a letter addressed to the President, Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday in Abuja.
Mahmud said that the CBN would sell to the BDCs at the rate of N1, 021 to a dollar.
“The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” he stated.
He asked all eligible BDCs to commence payment of Naira deposit to some designated CBN Naira deposit account numbers.
“All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier operational guidelines,” he said.
According to the News Agency of Nigeria report, the apex bank had earlier, on April 8, approved the sale of 10,000 dollars to 1,588 eligible BDCs operators at the rate of N1,101 to the dollar.
The approves are part of CBN’s intervention in the foreign exchange market to improve liquidity and stabilise the Naira
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