The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators, stating that each BDC is eligible for $10,000 at a rate of N1,251 per US dollar.
According to the circular, the CBN instructed BDCs to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
The circular reads:
“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”
Additionally, the CBN provided designated accounts where BDC operators are required to deposit the Naira equivalent by the close of business on March 28 for the disbursement of the forex.
The bank also warned of sanctions for any BDC found breaching these terms.
See the circular below:
