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CBN Resumes Dollar Sales to BDCs: N1269/$

In a game-changing move, the Central Bank of Nigeria (CBN) has issued a groundbreaking circular to Bureau De Change operators (BDCs), shaking up the currency market once again. Hold onto your seats as Findwhosabi News brings you the inside scoop on this seismic shift!

Fresh off the press, the circular reveals that the CBN has unleashed a torrent of $10,000 to each BDC at an eye-popping rate of N1,251 per $1. But that’s not all – there’s a twist in the tale.

In a move aimed at fostering fairness and accessibility, each BDC has been tasked with selling these dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. That’s right – a cap of N1,269 per $1 is firmly in place.

Naira
Naira

The circular, a beacon of clarity in the murky waters of currency exchange, reaffirms the resumption of dollar sales to BDC operators after a prolonged period of suspension by the central bank in 2021. Remember those tumultuous times? Well, they’re now a thing of the past.

This resurgence comes hot on the heels of the CBN’s bold decision to revoke the licenses of over 4,173 BDC operators earlier in the year, signaling a fresh start for the currency market.

So, what does this mean for you, the savvy investor? Brace yourself for a whirlwind of opportunities as the BDCs gear up to unleash the power of the dollar once more.

Stay tuned as Findwhosabi News continues to unravel the mysteries of Nigeria’s ever-evolving financial landscape. With every twist and turn, we’ll be right here to keep you ahead of the curve.

cbn
Central Bank of Nigeria building

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