Sodeinde QuadriThe Central Bank of Nigeria (CBN) has taken a significant step in its foreign exchange policy by issuing a circular to Bureau De Change (BDC) operators, announcing the sale of $10,000 to each BDC at a fixed rate of N1,251/$1. This development was disclosed through an official circular released by the bank’s Director of the Trade and Exchange Department, Dr. Hassan Mahmud, on Monday.
In accordance with the circular, each BDC is directed to sell the allocated dollars to eligible customers at a rate not exceeding 1.5% above the purchase price, effectively capping the selling rate at N1,269/$1 for BDCs.
The decision to resume the sale of foreign exchange to BDC operators comes after the CBN’s announcement in February to allocate $20,000 to each eligible Bureau De Change operator nationwide. This move marks a notable shift from the stance taken over two years ago when the former CBN Governor, Godwin Emefiele, halted the sale of foreign exchange to BDC operators in that segment of the forex market.
The circular, referencing the approval for a second tranche of FX sales to eligible BDCs, explicitly states: “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% above the purchase price.”
Advertisement
This communication confirms the resumption of dollar sales to BDC operators after a prolonged ban imposed by the central bank in 2021.
