July 21, 2024
BDC Gets 10k Dollars From CBN, To Sell At N1,269/$
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BDC Gets 10k Dollars From CBN, To Sell At N1,269/$

The Central Bank of Nigeria, CBN, has sold dollars to Bureau De Change operators at the rate of N1,251 to $1.

According to a statement issued by the bank’s Director of its Trade and Exchange Department, Hassan Mahmud, $10,000 was made available to each of the BDCs which benefited from the move.

Under threat of sanction to any BDC that breaches its directive, the BDCs were directed not to sell the dollars at a rate exceeding N1,269 to the dollar, or 1.5 percent above the purchase they got from the CBN.

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Last month, the bank had announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

Former CBN governor, Godwin Emefiele, had stopped the sales of foreign exchange to BDCs in 2021.

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