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CBN Directs Bureau De Change To Sell Dollar At N1,269

Written by on March 26, 2024

The Central Bank of Nigeria has announced its decision to allocate $10,000 to each Bureau de Change operator at a rate of N1,251/$.

In a circular issued by the bank’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, and made available to journalists on Monday, the CBN clarified the terms of this allocation.

According to the circular, each Bureau de Change (BDC) is instructed to sell the allocated dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, effectively capping the selling rate at N1,269/$1.

This move follows the CBN’s decision on July 27, 2021, to halt the sale of foreign exchange to BDCs. The decision was prompted by allegations of BDCs engaging in wholesale forex transactions exceeding $5,000, violating both their licenses and Nigeria’s FX regulations.

Source: Jordan 105.5fm News Bulletin

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