CBN Sells US Dollar to BDCs at N1251
The Central Bank of Nigeria (CBN) sold US dollars to Bureau De Change (BDCs) operators at N1251 to consolidate efforts to stabilise the local currency. The top bank continues to believe that the value of the naira is greatly undervalued and has worked harder to ensure that it is getting the right exchange rates for the entire market.
The apex bank said in its most recent circular to Bureau de Change operators that it has given $10,000 to each BDcs operator at a rate of N1,251 per US dollar.
Bureau de Change is instructed to offer US dollars to qualified customers at a rate that does not surpass 1.5% above the buying price. This indicates that Bureau de Change is advised not to sell above N1,269 for each $1.
“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 percent above the purchase price.” #CBN Sells US Dollar to BDCs at N1251 Geregu Power Grows Investors Funds Six Folds in 17-Month
