CBN sells dollars to BDCs below market rate at N1,101/$1, BDC cant sell above N1,117/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs) advising them to sell $10,000 to each BDC at N1,101 per dollar.

According to a circular obtained by Nairametrics, each BDC is directed to sell the dollars to eligible consumers at a rate not greater than 1.5% above the purchase price.

This shows that BDCs are unlikely to sell above N1,117/$1.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the selling rate is lower than the N1,251.05/$1 recorded at the end of last week.