Breaking: CBN Allocates FX to BDCs at N1,101/$1

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Monday announced the sale of Foreign Exchange (FX) to Bureau De Change (BDC) operators at N1,101/$1.

The CBN stated this in a circular addressed to the operators, adding that the sum of $10,000 would be sold to each BDC at below market rate.

The central bank also mandated the BDCs to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

This suggests BDCs are not expected to sell above N1,117/$1.

The Naira traded at N1,251.05/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) over the weekend.

Details later…