The central Bank of Nigeria CBN will this week sell $10,000 each to eligible Bureau De Change Operators at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.
Dr. Hassan Mahmud Director, Trade & Exchange Department of the apex bank in a memo addressed to the President Association of Bureau De Change Operators of Nigeria said it was the second tranche of FX sale to eligible BDCs.
“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN approved a second tranche of sale of FX to eligible BDCs”.
The memo further directed that all eligible BDCs make the Naira payment to designated CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.
The regulator warned that any BDC that breaches the terms shall be sanction appropriately, including outright suspension from further participation in the sale.
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