CBN approves sales of $10,000 to 1,588 BDC operators daily

The Central Bank of Nigeria (CBN) has authorized daily sales of 10,000 dollars to 1,588 certified Bureau De Change Operators (BDC) operators at the rate of N1,101 to the dollar.

Trade and Exchange Department of the CBN, Director, W.J Kanya stated this in a letter discussed to the President of Bureau De Change Operators (ABCON) association on Monday in Abuja.

As state in the letter, the BDC operators are expected to sell the dollars to certified end users at a spread of not more than 1.5 per cent above the purchase price.

It directed all eligible BDCs to effect payment of the Naira deposit at CBN Naira deposit account from Monday.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier circulars,’’ it said.

The News Agency of Nigeria (NAN) reports that the ABCON President, Aminu Gwadabe had over the weekend, appealed to the apex bank to lower its applicable exchange rate below the N1, 251 to the dollar it had pegged for BDCs.

Gwadabe lamented that N1, 251 to the dollar had become too exorbitant for the BDCs.

His complaint came on the heels of development in the foreign exchange market where the parallel market rate of N1,235 to the dollar became lower than the official rate of N1,252 to the dollar.

He said Bureau De Change Operators (BDCs) were recording losses.

(NAN)