JUST IN: CBN sells forex to BDCs @N1,251/$1, instruct them not to sell dollar above N1,269/$1

Dollar (USD) to Naira Black Market Rate today- 25th May 2022

The Central Bank of Nigeria has sent a circular to BDCs alerting them that they had sold $10,000 to each BDC at a rate of N1,251/$1.

According to a circular obtained by Nairametrics, each BDC must sell the dollars to eligible consumers at a rate no higher than 1.5% above the purchase price.

This suggests that BDC will not sell for more than N1,269 per dollar.

  • “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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