CBN SELLS FOREIGN EXCHANGE TO BUREAU DE CHANGE AT 1,251 NAIRA TO A DOLLAR.

The Central Bank of Nigeria CBN hasannounced the sales of 10,000 dollars to each of the eligible Bureau De Change BDC operators in the country at the rate of 1,251 Naira to One dollar.

 In a circular to the President of the Association of BDC Operators of Nigeria signed by the Director of Trade and Exchange Department of CBN, HASSAN MAHMUD, the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.

 The CBN warned that any BDC that breaches the terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.