CBN sells $10,000 to each BDCs at N1,251/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators, announcing the sale of $10,000 to each BDC at a rate of N1,251/$1. With approximately 1,500 BDC licenses remaining, it is estimated that over $15 million has been injected into the retail market.

This move comes after the CBN resumed dollar sales to BDC operators, which had been suspended since 2021. The resumption follows the revocation of licenses for over 4,173 BDC operators in February, out of an estimated 5,689 licenses.

According to the circular, BDCs are instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This implies that BDCs are expected to sell at a maximum rate of N1,269/$1, aiming to maintain stability in the foreign exchange market and ensure accessibility of foreign currency to the public.

Source: Daily Trust