In a recent circular, each BDC is directed to sell dollars to eligible customers at a rate not exceeding 1.5% above the purchase price, suggesting a cap of N1,269/$1. This marks the resumption of dollar sales to BDC operators after a suspension in 2021. With over 4,173 BDC licenses revoked earlier in the year, the exchange rate fell below N1,400/$1 in the parallel market.

The estimated 1,500 remaining licenses may have seen over $15 million sold into the retail market. The move reflects the CBN’s focus on enhancing liquidity in the forex market and aims to stabilize exchange rates. This strategy is expected to make forex more accessible to retail and small-scale enterprises, potentially leading to a stronger Naira in the short term.

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