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The Central Bank of Nigeria (CBN) has implemented a 3.4 percent reduction in the exchange rate within the Bureaux De Change (BDC) segment of the forex market, bringing it down by N50.5 to N1,269.8 per dollar. This adjustment coincides with the commencement of another round of dollar sales to eligible BDCs.
In February, the CBN disbursed $20,000 to each of the 785 BDCs at a rate of N1,310 per dollar, with a directive for these entities to sell to end-users at a spread not exceeding 1.0 percent of the purchase price or N1,314.01 per dollar.
However, in the latest development, the apex bank announced the sale of an additional $10,000 to each BDC at an exchange rate of N1,251 per dollar. The directive remains for BDCs to sell to eligible end-users at a spread not exceeding 1.5 percent of the purchase price or N1,263.51 per dollar.
In a letter addressed to the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Hassan Mahmud, the Director of the Trade & Exchange Department at the CBN, stated, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CBN approved a second tranche of sale of FX to eligible BDCs.”
Mahmud further emphasized, “ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday, March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.”
The letter also cautioned that any BDC found breaching the terms outlined would face appropriate sanctions, including outright suspension from further participation in the sale.
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