The Central Bank of Nigeria (CBN) has announced another round of direct dollar sales to Bureau De Change (BDC) operators, offering a discounted rate of N1,021 per dollar. This is the fourth sale in 2024 and the second this month.
In February, the CBN initiated sales of $20,000 to each BDC at N1,301 per dollar. Subsequently, the allocation was reduced by 50% to $10,000 at N1,251 per dollar. Earlier this month, BDCs received $10,000 each at N1,101 per dollar.
The latest sale aims to meet retail-end market demands, specifically for invisible transactions like travel allowances, tuition fees, and medical payments. Eligible BDCs will receive a total of $10,000 from the CBN.
BDCs are required to sell the dollars to end-users with a maximum markup of 1.5% above the buying price. The CBN circular states, “ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.” CONTINUE READING
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