HomeBusinessCBN sells dollars to BDCs at N1,021

CBN sells dollars to BDCs at N1,021

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The Central Bank of Nigeria (CBN) has announced that it has sold US dollars to the Bureaux De Change (BDCs) at the rate of N1,021 per $1.

Daily News 24 reports that the dollar has started regaining strength during the week as it rose N1,234 on Monday.

But a circular issued by the CBN on Tuesday announced the sale of the new stock of US dollars to the BDCs at a lower rate.

According to the circular “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.

Also read: Naira crashes to N1,234 /$1 as speculators resume hoarding

“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.

Recall 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.

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