The Central Bank of Nigeria, CBN, has provided Bureau De Change, BDCs, operators with $10,000 at an exchange rate of N1,251 per United States, US, dollar.

This was revealed in a circular signed by Hassan Mahmud, the CBN Director of Trade and Exchange Department.

The apex bank instructed the BDCs to offer dollars to qualified customers at a rate not more than 1.5 per cent above the buying price.

This indicates that BDCs are advised not to sell above N1,269 for each $1.

The circular reads partly: “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.”