LAGOS, Nigeria (VOICE OF NAIJA)-The Central Bank of Nigeria has once again announced the sale of dollars to Bureau De Change operators, according to a circular uploaded to its website on Monday.
The apex bank has set the exchange rate at N1,101/$ for the sale of $10,000 to each BDC, with a directive for operators to maintain a spread not exceeding 1.5% above the CBN rate.
Previously in March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$, with instructions for BDCs to sell to eligible customers at a maximum rate not surpassing 1.5% above the purchase price, equivalent to N1,269/$1.
This decision came after the bank’s prior move to sell foreign exchange totaling $20,000 to eligible BDCs nationwide in February.The statement read, ” We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$.
The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.
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This recent decision comes in response to an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN, requesting a revision and reduction of the applicable exchange rate set below the N1,251/$ previously established for its members.
ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade and Exchange Department, obtained by journalists.
The parallel market rate of 1,235/$ stands below the BDCs’ buying exchange rate of 1,251/$ (plus a 1.5 percent margin) set by the CBN in its most recent intervention.
The CBN instructed all eligible BDCs to initiate naira deposits into designated CBN accounts starting April 8, 2024.
Additionally, operators were requested to provide proof of payment and other necessary documents at the relevant CBN branches for disbursement.
Amid the CBN’s efforts to stabilize the naira, recent data on its website indicates a significant decline of approximately $1.02 billion in Nigeria’s foreign exchange reserves within an 18-day period, as of April 4. Further details to follow….