The Central Bank of Nigeria (CBN) has announced its plan to sell dollars to 1,588 Bureau De Change (BDC) operators.

The initiative is aimed at addressing the retail market demand for eligible transactions.

In a statement released on Monday, the central bank announced its intention to allocate $10,000 to each of the 1,588 Bureau De Change (BDC) operators at the rate of N1,101 per dollar.

Additionally, the statement outlined that BDCs are required to sell to eligible customers with a spread not exceeding 1.5 percent above the purchase price.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

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