4.3 C
New York
Sunday, April 21, 2024
HomeBusinessFX crisis: Don’t sell above N1,269 per dollar – CBN orders BDCs

FX crisis: Don’t sell above N1,269 per dollar – CBN orders BDCs

The Central Bank of Nigeria, CBN, has 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.

The apex bank 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.

Advertisements

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.”

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari