The Central Bank of Nigeria, CBN, has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change, BDC, operators in the country to meet market demands.
The CBN’s Director, Trade and Exchange Department, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De Change Operators of Nigeria, ABCON, on Tuesday in Abuja.
Mahmud said that the CBN would sell to the BDCs at the rate of N1,021 to a dollar.
“The BDCs are, in turn, to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” he said.
He directed all eligible BDCs to commence payment of Naira deposit to some designated CBN Naira deposit account numbers.
“All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier operational guidelines,” he added.
Recall that on April 8, the apex bank approved the sale of 10,000 dollars to 1,588 eligible BDC operators at the rate of N1,101 to the dollar amid efforts to stabilize the Naira at the FX market.
The development comes amid the recent drop in the value of the Naira against the dollar. From last month to date, the Naira has depreciated four times.
