CBN Sells $10,000 to BDCs at N1,101/$

The Central Bank of Nigeria has again announced the sales of dollars to Bureau De Change operators.

The CBN disclosed this in a circular uploaded to its website on Monday, April 8, 2024.

The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate. This is the second time in two weeks that the CBN is making the same move.

The move suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM)