The Central Bank of Nigeria has issued a circular to Bureau De Change (BDC) operators, informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

The directive, announced on the CBN X platform on Monday, 8th April 2024, requires each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price, indicating that each BDC should not sell above N1,101/$1.

All eligible BDCs are directed to commence payments to the specified CBN Naira Deposit Account Numbers from Monday, April 5, 2024, and submit payment confirmations with necessary documentation for disbursement at the appropriate CBN Branches.