The Central Bank of Nigeria (CBN) has notified Bureau De Change (BDC) operators of the sale of $10,000 at the rate of ₦1,021/$1.
The notification of discounted
sales was contained in a fresh statement by the apex bank to the BDC operators.
This move marks the second of
such sale this month and the fourth in the current year which is aimed at
addressing the retail-end market, particularly for transactions such as travel
allowances, tuition fees, and medical payments.
This policy allows the CBN to
sell a total of $10,000 to each eligible BDC, who in turn sell to end users
with a maximum markup of 1.5% over the buying price in order to prevent price
gouging and ensure that the benefits of the discounted rate are transferred to
consumers needing foreign exchange for various personal transactions.
The CBN circular on the fresh
sale reads: “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.
“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.”
Heraldviews recalls the CBN, in
February 2024, announced the sale of $20,000 to each BDCS at the rate of
N1,301/$. By the second attempt, the bank reduced the allocation by 50% and
sold FX at a rate of N1,251/$1. Earlier this month, the apex bank had a sale of
$10,000 to each BDC at a rate of N1,101/$1.
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