Mohammed Shosanya
The Central Bank of Nigeria has resumed the sales of dollars to Bureau De Change operators.
It conveyed this in a circular referenced TEM/FEM/PUB/001/013 uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department Dr Hassan Mahmud.
The apex bank said it is set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.
The current rate is 7.27 per cent less than the previous price. This current release is hoped to further strengthen the local currency.
The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. 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.”
This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.
The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.
It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
