• Business - Economy
  • Updated: April 08, 2024

CBN commences sale of dollar to BDCs at N1,101/$1

CBN commences sale of dollar to BDCs at N1,101/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

According to nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggests that BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Allnews.ng had previously reported that the Central Bank of Nigeria has been urged by the Association of Bureaux De Change Operators to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.



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