Breaking: CBN sells dollars to BDCs below market rate at N1,101/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$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 suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This is a developing story…