Yesterday, the Central Bank of Nigeria (CBN) implemented a reduction in the exchange rate within the Bureaux De Change (BDC) segment of the forex market, lowering it by 3.4 percent or N50.5 to N1,269.8 per dollar.

Additionally, the CBN commenced another round of dollar sales to eligible BDCs.

Recall that in February, the CBN allocated $20,000 to each of the 785 Bureaux De Change (BDCs) at a rate of N1,310 per dollar.

The apex bank directed the BDCs to sell to end-users at a spread of not more than 1.0 percent of the purchase price, equivalent to N1,314.01 per dollar.

But Yesterday, the
CBN revealed that it would allocate an additional $10,000 to each Bureaux De Change (BDC) at an exchange rate of N1,251 per dollar.

The CBN directed the BDCs to sell to end-users at a spread of not more than 1.5 percent of the purchase price, equivalent to N1,263.51 per dollar.

In a letter addressed to the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Hassan Mahmud, the Director of the Trade & Exchange Department of the CBN, referenced TED/DIR/CON/GOM/001/071 regarding the subject matter, the CBN approved a second tranche of foreign exchange (FX) sales to eligible Bureaux De Change (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. 

“ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches: 

“Please note that any BDC that breaches above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”

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