The Central Bank of Nigeria (CBN) has initiated another round of discounted dollar sales directly to Bureau De Change (BDC) operators, offering the currency at N1,021 per dollar.
In February 2024, the CBN announced the sale of $20,000 to each BDC at N1,301/$, which was later reduced by 50% to N1,251/$. Earlier this month, the apex bank conducted a sale of $10,000 to each BDC at N1,101/$. The current policy aims to address retail-end market needs, particularly for invisible transactions like travel allowances, tuition fees, and medical payments.
Under this directive, eligible BDCs receive a total allocation of $10,000 each and are mandated to sell to end users with a maximum markup of 1.5% over the buying price. This regulation aims to prevent price manipulation and ensure that the benefits of the discounted rate are passed on to consumers requiring foreign exchange for personal transactions.
Source: Business Day