The Central Bank of Nigeria has recently announced a significant development in the foreign exchange market, issuing a circular to Bureau De Change operators regarding the sale of $10,000 to each BDC at a rate of N1,251/$1. This decision, signed by the bank’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, marks a notable shift in the country’s forex policies.
According to the circular, each BDC is directed to sell the allocated dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price, effectively capping the selling rate at N1,269/$1. This move comes after the CBN’s decision to sell foreign exchange worth $20,000 to each eligible BDC operator in February, signaling a renewed engagement with BDCs after a hiatus imposed by the former CBN Governor, Godwin Emefiele, in 2021.
The resumption of dollar sales to BDC operators is a significant development in Nigeria’s forex market, providing a boost to the economy and facilitating easier access to foreign exchange for businesses and individuals alike. This move is expected to have a positive impact on the country’s economic landscape, promoting stability and liquidity in the forex market.
As the CBN continues to navigate the complexities of the foreign exchange market, this latest decision underscores the importance of effective communication and collaboration with key stakeholders. By providing clarity and transparency in its policies, the central bank aims to foster trust and confidence in the financial system, ultimately driving economic growth and development.
In conclusion, the sale of $10,000 to each BDC at a competitive rate reflects the CBN’s commitment to supporting the forex market and ensuring the smooth functioning of the economy. This decision is a testament to the central bank’s proactive approach to managing forex dynamics and promoting financial stability in Nigeria.
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