Central Bank Orders BDC Operators To Sell Dollar At N386

The Central Bank of Nigeria (CBN) has ordered the Bureau De Change (BDC) operators to sell Dollar to Nigerians at the rate of N386.

Ozoemena Nnaji, Director Trade and Exchange Department, made this known in a circular on Thursday.

Nnaji gave the applicable exchange rate for disbursements of proceeds of International Money Transfer Operators (IMTOs) for August 31 to September 4.

IMTSOs to banks – N382/$1; Banks to CBN – N383/$1; CBN to BDCs – N384/$1; BDCs to end-users – Not more than N386; Volume of sale to each market – $10,000 per BDC.

CBN explained that the step was to enhance accessibility to foreign exchange, particularly to travelers.

The circular noted that purchase shall be on Mondays and Wednesdays in the first instance.

The BDCs were advised to ensure that their accounts with banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays.

“Authorised dealers of Deposit Money Banks shall continue to sell foreign currency for travel related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.

“All authorised dealers and BDC operators are hereby advised to ensure strict compliance with the provision of the extant regulation on the disbursement of foreign exchange cash to travellers as any case of infraction will be appropriately sanctioned,” CBN warned.