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CBN Sells Dollars to BDCs at N1,101/$1, Limits Spread to 1.5%

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: April 8, 2024
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1 Min Read
Central Bank of Nigeria (CBN)
Central Bank of Nigeria (CBN)
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The Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators, as revealed in a circular posted on its website earlier this week.

According to the apex bank’s directive, each BDC will be provided with $10,000 at the rate of N1,101 per dollar.

However, the CBN has instructed the operators to maintain a maximum spread of 1.5% above the CBN rate during their sales to customers.

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 per cent above the purchase price (N1,269/$1).

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This followed the bank’s earlier decision to sell foreign exchange worth $20,000 to eligible BDCs across the country in February.

The statement read, ” 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.”

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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