April 8, 2024

CBN slashes BDC exchange rate to N1,117.5/$

By Babajide Komolafe

The Central Bank of Nigeria, CBN, has slashed the exchange rate in the Bureaux De Change, BDC, segment of the forex market by 12 per cent or N152.23 to N1,117.5 per dollar even as it commenced another round of dollar sale to 1,588 eligible BDCs.

The CBN announced the new rate in a circular on Monday saying it will sell $10,000 to each BDC at N1,101 per dollar, for eligible invisible transactions, directing that the BDCs should sell to eligible end-users at spread of not more than 1.5 percent.

This means BDCs will sell to end users at maximum exchange rate of N1,117.5 per dollar.

Announcing the new rate in a circular today, Dr. W.J Kanya, Trade and Exchange Department, CBN said:

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today Monday April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches’.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars.”

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