Banking & Finance

Central Bank sells $10,000 to Bureau De Change at ₦1,021/$

The Central Bank of Nigeria (CBN) has announced the sale of $10,000 to each licensed Bureau De Change (BDC) operator nationwide. This marks the second such intervention this month by the apex bank.

In a circular addressed to the President of the Association of Bureau De Change Operators (ABCON), the CBN outlined the details of the intervention. BDCs will be able to purchase dollars at the rate of N1,021 per dollar. They are then authorised to sell this forex to eligible end users at a maximum spread of 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

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