The Central Bank of Nigeria has begun another tranche of dollar sales to Bureau De Change Operators to further boost Naira’s appreciation at foreign exchange market.
Accordingly, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.
A statement by the apex bank on Monday said the $10, 000 sale was at the rate of N110/$1, adding that the BDCs are to sell to eligible customers at a spread of not more than 1.5 per cent above the purchase price.
The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1101/$. The BDCs are, in turn, to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”
The listed eligible BDCs have been directed to commence payment of the naira deposits into four CBN accounts, starting from April 8, 2024
It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
The development comes following the sale of $10,000 to BDCs at a rate of N1,251/$ in March.
The CBN had directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price (N1,269/$1).
The apex said All BDCs are allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.
The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.
The development came barely 48 hours after BDCs urged FX allocation below N1,251 per dollar to sustain the Naira’s appreciation in the forex market.
Recall that CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the Naira in the foreign exchange market last month.
For a month, the Naira has continued to appreciate against the dollar, which stood at N1,251.05 per dollar last Friday.
