The Central Bank of Nigeria (CBN) has authorized the sale of $10,000 to Bureau De Change (BDC) operators at a rate of N1,021/$1. However, the CBN warns BDCs against selling dollars at a rate exceeding 1.5 percent above the purchase price.
In a letter dated April 22, signed by Dr. Hassan Mahmud, CBN Director of Trade and Exchange Department, BDCs were instructed to adhere strictly to the prescribed markup limit.
The letter addressed to the President of the Association of Bureau De Change Operators of Nigeria (ABCON) outlined the guidelines for the sale of foreign exchange to eligible end-users. It emphasized that BDCs must not exceed a 1.5 percent spread above the purchase price when selling to customers.
Furthermore, the CBN directed all eligible BDCs to initiate payment of the Naira deposit to specified CBN Naira Deposit Account Numbers from April 22, 2024. BDCs were required to submit confirmation of payment along with necessary documentation for FX disbursement at designated CBN branches in Abuja, Lagos, Awka, and Kano.
The apex bank reiterated the importance of BDCs adhering to previously communicated rules and operational guidelines.
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