CBN sells dollars to BDCs below market rate at N1,101/$1

The Central Bank of Nigeria has again announced the sales of dollars to Bureau De Change operators.

CBN disclosed this in a circular uploaded to its website on Monday.

The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

This suggests BDCs are not expected to sell above N1,117/$1.

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 (NAFEM).