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CBN Sells FX To BDCs At N1,251/$1 As Naira Rebounds

 Olushola Bello

As the Naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.

In a circular to the President of the Association of Bureau De Change Operators of Nigeria on Monday, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.

The circular was signed by the bank’s Director of Trade and Exchange Department, Hassan Mahmud.

The CBN warned that “any BDC that breaches the above terms shall be sanction appropriately, including outright suspension from further participation in the sale”.

Source: Channels Television

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