Thursday, May 1, 2025

CBN approves daily sales of $10,000 to 1,588 BDC operators

Must read

Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via ibroramalan@gmail.com, or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
- Advertisement -
tiamin rice
tiamin rice

The Central Bank of Nigeria, CBN, has approved daily sales of 10,000 dollars to 1,588 eligible Bureau De Change operators at the rate of N1,101 to the dollar.

The Director, Trade and Exchange Department of the CBN, W.J Kanya said this in a letter addressed to the President, Association of Bureau De Change Operators, ABCON, on Monday in Abuja.

According to the letter, the BDC operators are expected to sell the dollars to eligible end users at a spread of not more than 1.5 per cent above the purchase price.

tiamin rice

It directed all eligible BDCs to effect payment of the Naira deposit at CBN Naira deposit account from Monday.

READ ALSO:   World Bank supports Nigeria with $500m to improve electricity

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier circulars,’’ it said.

whatsApp

The ABCON President, Aminu Gwadabe had over the weekend, appealed to the apex bank to lower its applicable exchange rate below the N1, 251 to the dollar it had pegged for BDCs.

Mr Gwadabe complained that N1, 251 to the dollar had become too expensive for the BDCs.

His complaint came on the heels of development in the foreign exchange market where the parallel market rate of N1,235 to the dollar became lower than the official rate of N1,252 to the dollar.

READ ALSO:   May Day: FAAN commends workers’ resilience

He said that the BDCs were recording losses.

NAN

- Advertisement -

More articles

- Advertisement -

Latest article

- Advertisement -