CBN sells dollars to BDCs at N1,021/$
The Central Bank of Nigeria (CBN) on Tuesday released another circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at a discounted rate of N1,021 per dollar.
This will make it the second sales for the month of April and fourth time in 2024 by the CBN.
The circular read: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT 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 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
It is part of the CBN measures to keep the Naira afloat as it fell against the dollar in the past few days.