From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN), has commenced the sale of forex at the rate of N1251/$1 to Bureau De Change (BDC) operators.
This was contained in a circular by the apex bank to the BDCs, informing them that it has sold $10,000 to each operator at a rate of N1,251 per dollar.
CBN also directed the operators of each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
The document titled: “Sales of FX to BDCS to Meet Retail Market Demand for Eligible Invisible Transactions read: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/51. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.
“All eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches:”