Forex Crisis: CBN Issues Fresh Directive to BDCs

Forex Crisis: CBN Issues Fresh Directive to BDCs

The Central Bank of Nigeria, CBN, has continued to tighten its grip on the forex crisis in the nation as it just provided Bureau De Change, BDCs, operators with $10,000 at an exchange rate of N1,251 per United States, US, dollar.

This was revealed in a circular signed by Hassan Mahmud, the CBN Director of Trade and Exchange Department.

However, it also instructed the BDCs to offer dollars to qualified customers at a rate not more than 1.5 per cent above the buying price.

This indicates that BDCs are advised not to sell above N1,269 for each $1.

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The circular reads partly: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”