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Saturday, June 15, 2024

Nigeria: Simply-in – CBN Begins Foreign exchange Gross sales to BDCS At N1,251/$1

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The Central Financial institution of Nigeria (CBN) has issued a round addressed to Bureau De Change operators (BDCs), revealing that every BDC has been allotted $10,000 at a price of N1,251/$1.

In accordance with the round, which was launched on Monday, the BDCs had been mandated to promote the allotted {dollars} to eligible clients at a price not exceeding 1.5 per cent above the acquisition worth, indicating that BDCs are anticipated to promote at a most of N1,269/$1.

The central financial institution, nonetheless, did not state what number of BDCs will get the Foreign exchange allocation.

The round states, “We seek advice from our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above topic whereby the CB accredited a second tranche of sale of FX to eligible BDCs.

“We write to tell you of the sale of $10,000 to every BDC on the price of N1,251/$1. The BDCs are to promote to eligible finish customers at a diffusion of NOT MORE THAN 1.5 per cent above the acquisition worth.”

This announcement marks the resumption of greenback gross sales to BDC operators after a chronic ban imposed by the central financial institution in 2021.

The ban was lifted earlier this yr following the revocation of licenses of over 4,173 BDC operators in February.


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