CBN to Sell Dollar at ₦1,021 to BDCs.

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The central bank of Nigeria (CBN) has communicated in another circular to bureau de change (BDC) operators in the country, notifying them of direct sales of US dollars at a discounted rate of ₦1,021 per dollar.

The decision by the apex bank will make it the second sales for the month of April and fourth time in 2024 as part of measures to keep the naira afloat as it fell against the dollar in the past days.

According to the circular, the BDCs are to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.

The apex bank said all eligible BDCs are therefore directed to commence payment of the naira deposit to CBN naira deposit account.

The circular read:

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. 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 commence payment of the Naira deposit 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.”

According to the circular $10,000 will be sold to 1,583 BDC operators which indicates about $15.83 million injected into the retail end of the market.

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