The Central Bank of Nigeria (CBN) has sold $10,000 to Beareau de change operatives in the country at N1,269/$ and mandates them to sell at N1,659.
In a statement by Hassan Mammud, CBN Director, Trade and Exchange Department, Apex bank revealed this on Monday.
Recall in July 2021, the CBN in protecting public interest put a ban on sales to BDC operatives, alleging the violation of their licenses and the country’s foreign exchange (FX) regulations.
The statement reads,” we refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect to the above subject, wherein the CB approved a second tranche of sale of FX to eligible BDCs.
It further states “we write to inform you of the sale of $10,000 to each BDC at a rate ofN1,251/$. The BDCs are to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price”.
The CBN threatened to sanction any BDC operator that breached its sanction through “outright suspension from further participation in the sale”.
In February, CBN Governor, Olayemi Cardoso, made known strategic mappings to tackle inflation, revive the economy and stabilize FX.
The apex bank also made commitments through the monetary policy committee meeting to ensure growth in the FX reserves and increase assets in the official market.
“ All the different measures we have taken to boost reserves and create liquidity in the markets have started to pay off” Cardoso reiterated.
