CBN Reduces BDC Exchange Rate to N1,117.5/$

The Central Bank of Nigeria (CBN) has made a significant adjustment to the exchange rate in the Bureaux De Change (BDC) segment of the forex market, reducing it by 12 percent or N152.23 to N1,117.5 per dollar. This decision comes as the CBN initiates another round of dollar sales to 1,588 eligible BDCs.

According to a circular issued on Monday, the CBN will sell $10,000 to each BDC at the rate of N1,101 per dollar for eligible invisible transactions. The circular also directs BDCs to sell to eligible end-users at a spread of not more than 1.5 percent, resulting in a maximum exchange rate of N1,117.5 per dollar for end-users.

Dr. W.J Kanya, from the Trade and Exchange Department of the CBN, announced the new rate in the circular, stating:

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 8, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars.”