The Central Bank of Nigeria (CBN) has announced the sales of foreign exchange (FX) to about 1500 bureau de change (BDC) operators across the country at the rate of ₦1,101/$.
This was disclosed in a circular titled, ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’, dated April 8.
The latest round of sales come after the previous which held on the 25th of March, where the apex bank sold $10,000 to each BDC at a rate of ₦1,251/$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 N1101/$1,” the circular reads.
“The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.
“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today Monday April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches.”
The CBN has earlier been warned by Association of BDC Operators of Nigeria (ABCON) to reduce its applicable buying FX rate below the ₦1,251/$ it pegged for its members due to the naira’s speedy recovery.
The efforts of the CBN is paying off as the naira has appreciated against the dollar in recent weeks, gaining over 40%, from about ₦1,900/$ to about ₦1,200/$1 as at the time of filing this report.
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