BREAKING: CBN Sells Dollars To Bureau De Change @N1,251/$1 As Naira Regains Strength

The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251/$1.

In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggest BDC are not expected to sell above N1,269/$1.

“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.”
This confirms the resumption of dollar sales to BDC operators after a prolonged period of suspension by the central bank in 2021.

The ban was lifted earlier in the year following the revocation of licences of over 4173 BDC operators in February.

Investigations by Nairametrics reveal that the exchange rate fell below N1,400/$1 in the parallel market after closing at N1,431/$1 on Friday, with the referenced NAFEX rate at N1,382/$1.

At an estimated 1,500 BDC licenses remaining, Nairametrics estimates that over $15 million might have been sold into the retail end of the market. Before the revocation Nigeria had an estimated 5,689 licenses.