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HomeLatestCBN Lowers Dollar Rate to N1,269, Sells $10,000 to Bureau De Change

CBN Lowers Dollar Rate to N1,269, Sells $10,000 to Bureau De Change

The Central Bank of Nigeria has reduced the price of the dollar to N1,269 by selling $10,000 to qualified Bureau De Change Operators.

According to a circular referenced TED/DIR/CON/GOM/001/072, the CBN announced that it would be selling $10,000 to qualified BDC operators at the rate of N1,251 per dollar. These operators are not allowed to sell above 1.5 percent of the purchase price, meaning the apex bank expects BDCs to sell at N1,269.8.

The circular directed to the Association of Bureau de Change Operators of Nigeria instructed the beneficiaries to make naira payments to specified CBN deposit accounts before close of business on Thursday, March 28, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.

The CBN warned that any BDC found breaching the terms would face sanctions, including outright suspension from further participation in the sale.

This action follows a previous circular dated February 27, 2024, with reference number TED/DIR/CON/GOM/001/066, where the CBN approved $20,000 weekly sale to operators. Out of the 5,691 approved BDCs, only 1,342 qualified for the intervention.

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