Banking & Finance

Central Bank Sells Dollar to BDCs at ₦1,101/$1

The Central Bank of Nigeria (CBN) has again crashed dollar to naira rate by announcing the sales of dollars to Bureau De Change (BDC) operators at ₦1,101/$1, reflecting ₦150 lower than it sold two weeks ago.

The CBN, in a circular on Monday, said it sold $10,000 to each BDC at N1,101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars,” the apex bank warned.

The CBN had on March 25th made $10,000 available to each BDC at a rate of ₦1,251 per US dollar.

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