BREAKING: CBN resumes sale of forex to Bureau De Change operators, sells $10,000 at N1,251/$1

The Central Bank of Nigeria has resumed the sale of foreign exchange to Bureau De Change operators, issuing a circular informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1.In the circular signed by the bank's Director of Trade and Exchange Department, Dr Hassan Mahmud, on Monday, each BDC is directed to sell the purchased dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, which translates to a maximum selling rate of N1,269/$1.

The CBN had previously announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country in February, marking a significant shift from the policy implemented more than two years ago when the former CBN Governor, Godwin Emefiele, halted the sales of forex to BDC operators.

The circular from the CBN read, '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.'

The decision to resume selling to BDC operators is expected to provide easier access to forex for businesses and individuals alike, facilitate international transactions, and ease pressure on the naira.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How Bureau de Change operator defrauded me of $63,950 – Businessman tells courtA businessman, Mr Chinedu Igbokwe, told an Ikeja Special Court on Tuesday how a Bureau de Change operator, Abdulami Isah, allegedly defrauded him of $63,950. Igbokwe, who was led in evidence by the counsel of the Economic and Financial Crimes Commission, EFCC, A. A.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

BREAKING: CBN settles all FX backlog as external reserves rise to $34.11bnThe Nation Newspaper BREAKING: CBN settles all FX backlog as external reserves rise to $34.11bn
Source: TheNationNews - 🏆 6. / 69 Read more »

BREAKING: CBN clears all FX backlog as external reserves hits $34.11bnThe Central Bank of Nigeria (CBN), on Wednesday, announced it has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. The apex bank said the development fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

You can’t use FOREX revaluation gains to pay dividends – CBN warns Nigerian BanksThe Central Bank of Nigeria has insisted that commercial banks in the country cannot use their foreign exchange revaluation gains to pay dividends or meet operational expenses. The apex bank made this known in a circular on Thursday by the acting Director of the Banking Supervision Department, Adetona Adedeji.
Source: DailyPostNGR - 🏆 11. / 59 Read more »

CBN reiterates directive to banks on utilisation of forex gainsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Source: PremiumTimesng - 🏆 3. / 78 Read more »

CBN clears all $7b forex backlogThe Nation Newspaper CBN clears all $7b forex backlog
Source: TheNationNews - 🏆 6. / 69 Read more »