CBN INJECTS FRESH DOLLARS INTO BUREAU DE CHANGE AT N1,021/$1

The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each licensed Bureau De Change (BDC) operator nationwide.

This marks the second such intervention this month by the apex bank.

In a circular addressed to the president of the Association of Bureau De Change Operators (ABCON), the CBN outlined the details of the intervention.

BDCs will be able to purchase dollars at the rate of N1,021 per dollar.

They are, therefore, authorized to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

The latest circular has instructed all eligible BDCs to commence immediate payment of the Naira equivalent for their allocated $10,000 into designated CBN Naira Deposit Accounts.

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