Dr. W.J Kanya of The Trade and Exchange Department of the Central Bank of Nigeria, CBN announced a slashed rate today to the Bureaux De Change segment of the forex market. A slash by 12 per cent or N152.23 to N1,117.5 per dollar commenced another round of dollar sales to 1,588 eligible BDCs as the CBN is saying it will sell $10,000 to each BDC at N1,101 per dollar, for eligible invisible transactions, directing that the BDCs should sell to eligible end-users at spread of not more than 1.5 per cent.<\/p>\n
The BDCs were however to sell to eligible end users at a maximum exchange rate of N1,117.5 per dollar and a spread of NOT MORE THAN 1.5 percent above the purchase price. 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.<\/p>\n
All BDCs have been strongly advised to continue to abide by the rules and conditions as stipulated in earlier letters\/circulars by the CBN.<\/p>\n
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