CBN sells forex to BDCs at N1,251/$1, mandates sales at 1.5% profit

The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs) informing them that they sold $10,000 to each BDC at a rate of N1,251/$1.

In a circular seen by newsmen, each BDC is to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggest BDC are not expected to sell above N1,269/$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 per cent above the purchase price.”

This confirms a resumption of sale of dollars to BDC operators after a protracted period of ban by the central bank in 2021.

The ban was lifted earlier in the year following the revocation of licences of over 4173 BDC operators in February.

Investigations by Nairametrics reveal that the exchange rate dropped below N1,400/$1 in the parallel market after closing at N1,431/$1 on Friday, with the referenced NAFEX rate at N1,382/$1.