The Central Bank of Nigeria (CBN) has announced the sales of foreign exchange (FX) to Bureau de Change (BDC) operators at the rate of N1,101/$.
The CBN disclosed this in a circular, titled, ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’, dated April 8.
According to the circular signed by Dr W.J Kanya for the Director, Trade and Exchange Department, "BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price."
The circular was specifically addressed to the President of the Association of Bureau De Change Operators of Nigeria (ABCON).
Following this directive, BDCs are expected to sell a dollar at around N1,117.515.
This development occurs within a month after the second announcement of such sales.
