The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs) across the country informing them that it has sold $10,000 to each BDC at a rate of ₦1,251/$1.
It is estimated that over $15 million might have been sold into the retail end of the market as there are about 1500 BDCs licenses left.
The bank earlier resumed the sales of dollar to BDC operators after a prolonged period of suspension, dating back to 2021.
The ban was lifted following the revocation of licences of over 4173 BDC operators in February out of an estimated 5,689 licenses.
The bank instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price which doesn’t exceed ₦1,269/$1 according to our calculation.
“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,” read the circular in part
“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 per cent above the purchase price.”