Home Business CBN Sells Dollar to BDC Operations at N1,251 to $1

CBN Sells Dollar to BDC Operations at N1,251 to $1

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The Central Bank of Nigeria CBN is set to sell ten thousand dollars each to eligible Bureau De Change Operators at the rate of N1,251 to $1.

The BDCs are expected to sell to eligible end users at not more than 1.5 percent above the purchase price.

The Director, Trade and Exchange Department of the apex bank, Hassan Mahmudi in a memo addressed to the President Association of Bureau De Change Operators of Nigeria said it was the second tranche of FX sale to eligible BDCs.

The memo directed all eligible BDCs to make the Naira payment to designated CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, while urging them to submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.

The apex bank however warned that any BDC that breaches the terms will be sanctioned appropriately, including outright suspension from further participation in the sale.

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