The Central Bank of Nigeria, CBN has further slashed the foreign exchange rate for dollar allocations to the bureau de change (BDC) operators.
In a statement signed by Hassan Mahmud, director, trade and exchange department on Tuesday, the apex bank said it sold $10,000 at the rate of N1,021/$ to each BDCS.
The statement titled, ‘SALE OF FX TO BDCs TO MEET MARKET DEMAND (RETAIL-END) FOR INVISIBLE TRANSACTIONS’ was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON).
It reads: “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 commerce payment of the Naira deposits 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.”
The announcement followed a denial by the CBN that it has reduced the rate for FX allocations to BDCs to N1,001/$1.
CBN has been selling FX to BDCs below the official and parallel market rates.
The exchange rate is currently at 1260/$ and N1,234.49/$ at parallel and official market respectively.
