BREAKING: CBN sells forex to Bureau De Change at N1,251 / $1

The Central Bank of Nigeria (CBN) released a circular to Bureau De Change (BDC) operators, announcing sales of $10,000 to each BDC at N1,251 per U.S. dollar.

In the circular, the CBN instructed each BDC to sell the dollars to eligible customers at a rate that does not exceed 1.5% above the purchase price.

It reads: “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.”

See the circular below …