The Central Bank of Nigeria recently issued a directive to Bureau de Change operators, stipulating that each BDC has been allocated $10,000 at an exchange rate of N1,251 per US dollar.
According to the directive, each Bureau de Change is mandated to offer dollars to eligible customers at a rate not exceeding 1.5% above the buying price. This means that BDCs are advised not to sell above N1,269 for each $1.
The circular stated, “With reference to our previous communication (TED/DIR/CON/GOM/001/071) regarding the subject matter, wherein the CB approved a second tranche of FX sale to eligible BDCs.
“We hereby inform you of the allocation of $10,000 to each BDC at the rate of N1,251/$1. BDCs are required to sell to eligible end users with a margin of NOT MORE THAN 1.5 percent above the purchase price.”
