Business
CBN sells $10,000 to BDCs, orders them to make 1.5% profit
The Central Bank of Nigeria (CBN) has disclosed that it had sold $10,000 to Bureau De Change (CBD) operators in the country to meet the retail market demand for dollars.
The apex bank in a statement from its Trade and Exchange Department on Monday noted that CBDs cannot resell the dollars for more than 1.5% above the purchase price.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria to BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” W. J. Kanya, Director, of the Trade and Exchange Department said.
“All eligible BDCs are therefore directed to commence payment of the naira deposit to the under-listed CBN Naira Deposit Account Numbers from today, Monday, April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.
The apex bank then listed 1588 CBDs that were the recipients of the $10,000 foreign exchange.
