CBN Directs BDCs To Exchange Dollar At N386

…Pegs BDCs Dollar Sale At $10,000

 The Central Bank on Thursday directed all licensed Bureau De Change operators to sell dollars to end-users at not more than N386 to a dollar.

The apex bank said this in a circular to all authorised dealers, Bureau De Change Operators and Service Providers.

The circular dated August 27 with reference number TED/FEM/FPC/GEN/01/007 was signed by the Director, Trade and Exchange Department, Dr O.S Nnaji.

In the circular titled ‘Weekly exchange rate for disbursement of proceeds of international money transfer service operators,” the apex bank said the rate would cover the period between August 31 and September 4 this year.

According to the circular, International Money Transfers Operators are expected to sell dollars to banks at N382 per dollar.

For foreign exchange transactions between banks and CBN, the circular put the exchange rate between both parties at N383 to a dollar.

For sale of dollars between CBN and the BDCs, the apex bank pegged the exchange rate at N384 to a dollar.

The circular reads in part, “Please be advised that applicable exchange rate for the disbursement of proceeds of IMTOs for the period Monday August 31 to Friday September 4, 2020 us as follows.

“IMTOs to banks N382/$1; Banks to CBN N383/$1; CBN to BDCs N384/$1; BDCs to end users not more than N386/$1.”

The apex bank in the circular also put the volume of sale for each market at $10,000 per BDC.

It added that the pounds sterling rate should be derived from the dollar cross rate in the date of sale.