CBN Orders Bureau De Change Operators To Sell Dollar Below Market Rate

The Central Bank of Nigeria (CBN) has ordered Bureau De Change (BDC) operators to sell dollar below its current market rate as the CBN take action against multiple exchange rates within the country. The CBN also retained sales range by BDC to control pressure on dollar.

AllNews learnt that there is a black market where the BDC operate, buy and sell dollars between NGN480/495. However, the CBN directed that the Bureau De Change operators to sell to end-users at not more than NGN392 to dollar.

This means the Bureau De Change operators will sell dollar to end-users at just NGN2 difference compared to cost of buying the dollar from CBN. It was gathered that CBN sale of dollar to BDC operators is at NGN390 to dollar.

The financial regulator, which has held a tight grip on the disbursement of dollar, also retained the range of dollar sale by Bureau De Change operators at $10,000 weekly, to control the pressure on dollar in the black market, a circular by the CBN showed.

“Please be advised that the applicable exchange rate for the disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for the period Monday November 30 to Friday December 4, 2020 is as follows;

IMTOs sale of dollar to banks at N388 to dollar; banks sale of dollar to CBN at N389 to dollar and CBN sale of dollar to BDCs at N390 to dollar. The BDCs are now expected to sale to end-users at not more than N392 to dollar and each BDC is entitled to buy $10,000 weekly.