Just In: CBN sells forex to BDCs @N1,251/$1

The Central Bank of Nigeria has issued a circular to BDCs informing them that they sold $10,000 t0 each BDC at a rate of N1,251/$1.

In a circular issued today, the CBN said each BDC is to sell the dollars to eligible customers at an agreed rate not more than 1.5% above the purchase price.

This suggests that BDCs are not expected to sell above N1,269/$1.

The circular reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs. We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

More details later