The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar.
According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no higher than 1.5 percent over the purchase price, implying that BDCs are expected to sell at a maximum of N1,269/$1.
The central bank, however, did not specify how many BDCs will receive the Forex allotment.
The circular states, “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.
