The Bureau De Change (BDC) operators have received a circular from the Central Bank of Nigeria (CBN) advising them that they had sold $10,000 to each BDC at a rate of N1,251 per US dollar.
The Association of Bureau De Change Operators of Nigeria President received a communication from the bank revealing this information.
In the circular, signed by Hassan Mahmud, the Director of the Trade & Exchange Department, the CBN also instructed each BDCs to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.
“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale,” the circular reads in part.
It instructed all qualified organizations to deposit the naira to the assigned CBN Naira Deposit Account Numbers by Thursday at the latest by submitting payment confirmation and other required paperwork for distribution at the relevant CBN locations.