CBN approves sales of $10,000 to BDC at N1,251/$1

The Central Bank of Nigeria (CBN) has approved the sale of $10,000 to each Bureau De Change (BDC) at the rate of N1,251/$1.

This is contained in a circular to the BDCs by the CBN.

According to the circular, the CBN approved a second tranche of sale of foreign exchange to eligible BDCs.

The apex bank directed the BDCs to sell to eligible users at a spread of not more than 1.5 per cent above the purchase price.

The circular read: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible 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 mora than 1.5 per cent above the purchase price.”