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CBN Orders BDCs To Sell A Dollar At N386

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The Central Bank of Nigeria (CBN) has ordered licensed Bureau De Change operators to sell dollars to customers at the rate not higher than N386/ $1.

The Apex bank in a circular signed by Director of Tade and Exchange Department, O. S. Nnaji said it will resume weekly forex sales to Bureau de Change operators from August 31.

The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced.

Providing a breakdown of the rates, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:
IMTSOs to banks: N382/$1

Banks to CBN: N383/$1

CBN to BDCs: N384/$1

BDCs to end-users: Not more than N386
Volume of sale to each market is $10,000 per BDC.

The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.

The circular reads, “The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays .

“Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”

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