CBN commences sales of dollars to Bureau de Change merchants

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queeny

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Jun 1, 2023
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The Central Bank of Nigeria (CBN) has announced its plan to sell dollars worth $20,000 to eligible Bureau de Change merchants across the country.

Recall that the former CBN Governor, Godwin Emefiele stopped the sales of foreign currency to Bureau de Change merchants in the country over two years ago.

The CBN revealed this new development in a new statement issued by the Director of Trade and Exchange Department, Hassan Mahmud on 27th February 2024.

The CBN resolved that a sum of $20,000 will be sold to each BDC merchant at a rate of N1,301/$, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market for Tuesday, 27th February 2024. The bank also mandated all BDCs to sell to end-users at a margin not more than 1% above the purchase rate from the CBN.

It read: "Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1 percent) above the purchase rate from CBN.
All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS, and KANO."