Dr. W.J Kanya of The Trade and Exchange Department of the Central Bank of Nigeria, CBN announced a slashed rate today to the Bureaux De Change segment of the forex market. A slash by 12 per cent or N152.23 to N1,117.5 per dollar commenced another round of dollar sales to 1,588 eligible BDCs as the CBN is saying it will sell $10,000 to each BDC at N1,101 per dollar, for eligible invisible transactions, directing that the BDCs should sell to eligible end-users at spread of not more than 1.5 per cent.

The BDCs were however to sell to eligible end users at a maximum exchange rate of N1,117.5 per dollar and a spread of NOT MORE THAN 1.5 percent above the purchase price. All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under-listed CBN Naira Deposit Account Numbers from Today Monday, April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches.

All BDCs have been strongly advised to continue to abide by the rules and conditions as stipulated in earlier letters/circulars by the CBN.

Source: Vanguard