Licensed Bureau de Change operators in the country have each received $10,000 from the Central Bank of Nigeria (CBN) at the rate of N1,251/$1.
The CBN has also directed the BDCs to sell same to eligible customers at a rate not exceeding 1.5% above the purchase price, implying that the BDCs are not expected to sell above N1,269/$1.
With an estimated 1,500 BDC licenses, the amount of money injected into the retail end of the foreign exchange market is an estimated $15,000.
The CBN, in a correspondence to the BDC operators, said: “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.”
The CBN had a few weeks bank, revoked licenses of over 4,173 BDCs, following which it announced the resumption of the sale of dollars to BDC operators.
The sale was suspended in 2021.
