CBN Grants Eligble BDCs $10,000 Sale

In order to satisfy market needs, the Central Bank of Nigeria (CBN) has authorized the sale of an extra $10,000 to 1,583 qualified Bureaux De Change (BDCs) nationwide.

This was disclosed in a letter sent on Tuesday in Abuja to the President of the Association of Bureau De Change Operators of Nigeria (ABCON) by Dr. Hassan Mahmud, the Director of the CBN’s Trade and Exchange Department.

According to Mahmud, the BDCs will purchase from the CBN at a cost of N1,021 per dollar.

“The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” he said.

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He directed all eligible BDCs to commence payment of naira deposit to some designated CBN naira deposit account numbers.

“All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier operational guidelines,” he said.

The apex bank had, on April 8, approved the sale of $10,000 to 1,588 eligible BDC operators at the rate of N1,101 to the dollar.

The approvals are part of CBN’s intervention in the foreign exchange market to improve liquidity and stabilise the naira.

(NAN)