The Central Bank of Nigeria directs BDC operators to offer the dollar at N1,269.
The Central Bank of Nigeria (CBN) has directed each Bureau de Change (BDC) operator to sell dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price, indicating that the BDCs are not expected to sell above N1,269/$1. This was disclosed in a circular signed by
Dr. Hassan Mahmud, the Director of the Trade and Exchange Department
Dr. Hassan Mahmud, the Director of the Trade and Exchange Department, on Monday. Additionally, the CBN announced the allocation of $10,000 to each BDC at the rate of N1,251/$1. This decision comes after the suspension of foreign exchange sales to BDCs in July 2021, with accusations of violating FX regulations. The naira maintained a steady appreciation against the US dollar, closing at 1,408/$ at the official market.
CBN Governor Olayemi Cardoso outlined a strategy to curb inflation, stabilize the exchange rate, and boost confidence in the banking system and economy, aiming for sustained growth in foreign currency reserves and improved liquidity in the forex market. Analysts suggest that enhancing liquidity injects more money into the financial system, aiding in stabilizing the forex market and boosting the economy’s dollar supply.#naijaeyesblog
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