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The Central Bank of Nigeria (CBN) has released another circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at…

By Philip Shimnom Clement

The Central Bank of Nigeria (CBN) has released another circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at a discounted rate of N1,021 per dollar.

The decision by the apex bank will make it the second sales for the month of April and fourth time in 2024.

The circular read: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”

This is part of the bank’s measures to keep the naira afloat as it fell against the dollar in the past few days.

Daily Trust recalls that The CBN, in February 2024, announced the selling of $20,000 to each BDCS at the rate of N1,301/$. Subsequently, the bank reduced the allocation by 50% and sold FX at a rate of N1,251/$1. Earlier in April, the apex bank had a sale of $10,000 to each BDC at a rate of N1,101/$1 directing the BDCs to sell at N1,036/1$
with a maximum of 1.5% over the buying price.