In order to further crash the FX rate, Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators in Nigeria, informing them that $10,000 have been made available to each qualified BDC at a rate of N1,251 per US dollar.
The apex bank also reportedly instructed each BDC to sell the dollars to eligible exchange customers at a rate not exceeding 1.5% above the purchase price.
“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,” the circular reads.
The apex bank also enlisted the accounts in which the BDC operators are to pay the Naira equivalent into before the close of work on March 28 for onward disbursement of the forex.
The bank also warned that any BDC that breeches these terms shall be sanctioned.