Barring any last minute change in plans, the Bureau De Change operators BDCs are expected to sell dollars at the rate of N1,269/$1 at the parallel market.
Grassroots Parrot gathered that the Central Bank of Nigeria (CBN) has sold dollars to the Bureau De Change operators at the rate of N1, 251/$1.
Following the development, the BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1, 269 per dollar.
According to a statement issued on Monday by Dr Hassan Mahmud, the apex bank’s Director, Trade and Exchange Department, $10,000 was made available to each of the BDCs which benefited from this.
The statement read in parts “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.
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“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 mora than 1.5 per cent above the purchase price.
“ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.”
The apex bank, however, threatened sanction to any BDC that breaches its directive.
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale,” the statement read.