CBN resumes forex sale to BDCs at N1,021/$

The Central Bank of Nigeria has resumed the sale of foreign exchange to Bureau De Change (BDC) operators.

As part of this latest move, the apex bank is selling foreign exchange to BDC operators at an exchange rate of N1,021 per dollar. This move is expected to boost the supply of foreign exchange in the market and ultimately stabilize the value of the Nigerian naira against major foreign currencies.

Additionally, the CBN has directed BDCs to limit their sales to an amount not exceeding 1.5 per cent above the purchase price.

This information was disclosed in a circular uploaded to the CBN’s website on Tuesday.

Details later…