CBN Sells Dollars to BDCs at ₦1,590/$, Limits Sales Margin to 1%
The Central Bank of Nigeria (CBN), on Wednesday, September 25, approved the sale of $20,000 to each eligible Bureau De Change (BDC) operator at a rate of ₦1,590 per dollar.
This move aims to meet the demand for what the apex bank called “invisible transactions” in the retail market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions,” a statement signed by W.J. Kanya, the bank’s Ag Director of Trade and Exchange Department, reads in part.
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As part of the guidelines, BDCs are not permitted to sell the dollar at more than a 1% margin above the CBN’s purchase rate, effectively capping the selling price at ₦1,605 per dollar.
“All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN,” Kanya said.
Eligible BDC operators are required to make payments in naira to the CBN’s designated accounts and submit the necessary documentation for disbursement at one of the CBN’s branches in Abuja, Awka, Kano, or Lagos.
