At an exchange rate of N1,251 per US dollar, the Central Bank of Nigeria, CBN, has given Bureau De Change, BDC, operators $10,000.

The CBN Director of Trade and Exchange Department, Hassan Mahmud, signed a circular disclosing this information.

The BDCs were directed by the top bank to provide dollars to eligible clients at a rate of no more than 1.5% over the buying price.

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This suggests that it is not advisable for BDCs to sell for more than N1,269 for every $1.

Part of the circular says, “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.”

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