The Central Bank of Nigeria, CBN, has reduced the exchange rate in the Bureaux De Change, BDC, segment of the currency market by 12%, or N152.23, to N1,117.5 per dollar, while launching another round of dollar sales to 1,588 qualifying BDCs.
The CBN revealed the revised rate in a circular on Monday, stating that it will sell $10,000 to each BDC at N1,101 per dollar for qualified invisible transactions, with the BDCs required to sell to eligible end users at a spread of no more than 1.5 percent.
This means that BDCs will sell to end customers at the maximum exchange rate of N1,117.5 per dollar. Dr. W.J Kanya of the CBN’s Trade and Exchange Department announced the new rate in a circular today.
“We are writing to advise you that the Central Bank of Nigeria (CBN) has sold $10,000 to BDCs at a cost of N1101/$1. The BDCs, in turn, must sell to authorized end users at a margin of no more than 1.5 percent above the purchase price.
“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 8, 2024, and submit confirmation of payment along with other necessary documentation for disbursement at the appropriate CBN branches.”
BDC exchange rate
“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars.”
Source: vanguard.ng
