In response to market demands, the Central Bank of Nigeria (CBN) has given approval for the sale of an extra $10,000 to 1,583 eligible Bureaux De Change (BDC) operators in the country.
Dr. Hassan Mahmud, the Director of the Trade and Exchange Department at CBN, communicated this decision in a letter sent to the President of the Association of Bureau De Change Operators of Nigeria (ABCON) in Abuja on Tuesday.
Under this arrangement, the CBN will be selling to the BDCs at a rate of N1,021 per dollar.
According to Mahmud, the BDCs are required to then sell to eligible end users at a maximum margin of 1.5% above the purchasing price.
All eligible BDCs have been instructed to initiate the payment of Naira deposits to specific CBN Naira deposit account numbers.
It is important for all BDCs to adhere to the regulations and terms outlined in the previous operational guidelines, Mahmud emphasized.
It is worth mentioning that on April 8, the central bank had sanctioned the sale of $10,000 to 1,588 qualifying BDC operators at the rate of N1,101 to the dollar, as part of efforts to stabilize the Naira in the foreign exchange market.
Recently, the Naira has experienced a decline in value against the dollar, depreciating four times over the past month.