The Central Bank of Nigeria (CBN) has given permission for each Bureau De Change (BDC) to sell $10,000 at a rate of N1,251/$1. This decision was communicated through a circular sent to the BDCs by the CBN.
The circular states that the CBN has approved a second round of foreign exchange sales to eligible BDCs. The central bank has instructed the BDCs to sell the foreign exchange to eligible users, maintaining a maximum markup of 1.5% above the purchase price.
The circular reads: “We are referring to our previous letter, TED/DIR/CON/GOM/001/071, regarding the mentioned subject, where the CBN approved a second round of foreign exchange sales to eligible BDCs.
“We are writing to inform you that $10,000 will be sold to each BDC at the rate of N1,251/$1. The BDCs are required to sell to eligible end users, ensuring a maximum markup of 1.5% above the purchase price.”
