The Central Bank of Nigeria (CBN) has approved the sale of $10,000 to Bureaux De Change (BDC) operators at the rate of N1,101 to a dollar.
CBN Director, Trade and Exchange Department, Dr. WJ Kanya, in a circular said BDC operators are not permitted to sell a dollar above N1,117.
It directed each BDC to sell dollars to eligible customers at a rate not more than 1.5 per cent above the
amount they bought theirs.
The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market.
“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 05, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches,” Kanya said.
Kanya addressed the circular to the President, Association of Bureau De Change Operators (ABCON), Aminu Gwadabe, and stated that all BDCs are strongly advised to continue to abide by the rules and conditions as stipulated.
ABCON President during the weekend appealed to the apex bank to lower its applicable exchange rate below the N1, 251 to the dollar it had pegged for BDCs.
Gwadabe had also lodged a complaint that N1, 251 to the dollar had become too expensive for the BDCs.
His complaint came on the heels of development in the foreign exchange market where the parallel market rate of N1,235 to the dollar became lower than the official rate of N1,252 to the dollar.
Gwadabe also complained that the BDCs were recording losses. CBN governor, Olayemi Cardoso, since assuming office has initiated different measures to effect the growth of the naira in comparison to the dollar.
