The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.
The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.
This is the second round of such sales this month and the fourth in the current year.
The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.
Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.
The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.
BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.
This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.
The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.
