The Central Bank of Nigeria has issued a circular to Bureau De Change operators informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1.
This was stated in a circular that was signed by Dr. Hassan Mahmud, the bank’s director of the trade and exchange department.
BDC Rates Are Now Regulated
It is implied that no BDC is likely to sell for more than N1,269/$1 after the apex bank instructed all of the BDCs to sell the dollars to qualified customers at a rate not to exceed 1.5% above the acquisition price.
Jerrymusa.com reports that the CBN declared in February that it will offer foreign exchange valued at $20,000 to any qualified Bureau de Change operator in the nation.
This occurs more than two years after Godwin Emefiele, the former governor of the CBN, discontinued selling foreign exchange to BDC operators in that particular FX market segment.
The text of the document said, “We refer to our letter to you regarding the above subject, wherein the CB approved a second tranche of FX sales to eligible BDCs, referenced TED/DIR/CON/GOM/001/071.”
“We are writing to let you know that $10,000 has been sold to each BDC at a rate of N1,251/$1.
“The BDCs must offer their products at a spread of no more than 1.5% above the purchase price to qualified end customers.”
This demonstrates that the sale of dollars to BDC operators has resumed following a long ban imposed by the central bank in 2021.