As the Central Bank of Nigeria, CBN, continues in effort to stabilize the foreign exchange market, the apex bank has began dollar sales to 1, 588 Bureau De Change,BDC operators.
This move aims to address currency fluctuations and ensure the availability of foreign currency for essential transactions in the country.
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.
“We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price,” the letter read.
The listed eligible BDCs have been directed to commence payment of the naira deposits into four CBN accounts, starting from April 8, 2024.
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The apex bank also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
This recent move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust and lower its applicable exchange rate below the N1,251/$ it pegged for its members.
ABCON National President, Aminu Gwadabe, stated this in a letter to the CBN Director, Trade and Exchange Department.
The parallel market rate of 1,235/$ is lower than the BDCs’ applicable buying exchange rate of 1,251/$ plus a 1.5 per cent margin set by the CBN in its latest tranche of interventions.
As the CBN continues to defend the naira, the latest data on its website showed that Nigeria’s foreign exchange experienced a sharp decline of about $1.02bn within 18 days, as of April 4.
In March, the apex bank sold $10,000 to BDCs at a rate of N1,251/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 percent above the purchase price of N1,269/$1.
This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.
Credible News.ng
