In a bid to stabilize the foreign exchange market, the Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) operators. This move was disclosed in a circular uploaded to the CBN’s website on Monday.
According to the circular, the CBN is set to sell $10,000 to each BDC at a rate of N1101/$. Additionally, the apex bank has directed the BDC operators to sell the dollars at a spread not exceeding 1.5 percent above the CBN rate.
This development comes as part of the CBN’s efforts to ensure liquidity and stability in the foreign exchange market, particularly amid recent fluctuations in the value of the naira against major currencies.
Further details regarding the impact of this action on the foreign exchange market and the response from BDC operators are expected to be provided in subsequent updates.
