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After two-year ban, CBN resumes dollar sales to BDCs

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After two-year ban, CBN resumes dollar sales to BDCs

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In a significant move, the Central Bank of Nigeria (CBN) has resumed the sale of foreign exchange to Bureau De Change (BDC) operators, marking the end of a two-year hiatus. The apex bank issued a circular, informing BDCs of the sale of $10,000 each at a rate of N1,251/$1.

According to the circular, signed by Dr. Hassan Mahmud, Director of the Trade and Exchange Department at CBN, BDCs are mandated to sell the dollars to eligible customers with a cap not exceeding 1.5 percent above the purchase price, translating to a maximum rate of N1,269/$1.

This move follows the CBN’s announcement in February to allocate $20,000 to each eligible BDC operator across the nation.

The decision to resume dollar sales to BDCs comes after a prolonged cessation by the former CBN Governor, Godwin Emefiele, in 2021.

The circular, referencing a prior approval, states, “We refer to our letter to you… wherein the CB approved a second tranche of sale of FX to eligible BDCs.”

It further elaborates, “We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1.”

This development signals a renewed engagement between the CBN and BDC operators, potentially easing foreign exchange access for businesses and individuals, and stabilizing the forex market.