In a circular signed by Dr. W.J. Kanya for Director, Trade & Exchange Department which was uploaded to its website on Monday, April 8, 2024, the Central Bank of Nigeria (CBN) has again announced the sales of dollars to eligible Bureau De Change (BDC) operators.
The apex bank said it is set to sell $10,000 to each BDC operator at N1,101 to $1 and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.
1.5% of 1,101 is about 16.515, which means the maximum amount (profit merging) that the BDC operators can sell $1 at the parallel market is N1,117.515.