By Chris Udochukwu
The Central Bank of Nigeria (CBN) has announced that it will begin the sale of dollars to Bureau De Change operators at the rate of N1,251/$1.
This was contained in a statement signed by the Director, Trade and Exchange Department, Dr. Hassan Mahmud and directed to the President, Association of Bureau De Change Operators of Nigeria dated 25th March, 2024.
According to the apex bank, $10,000 FX will be sold to each eligible Bureau De Change (BDC) at $1/N1,251.
Also, all BDC operators are allowed to sell to end-users at a margin NOT MORE THAN 1.5% above the purchase rate from CBN.
In other words:
BDCs are to buy at N1,251
BDCs are to sell at N1,269
(1.5% increase)