The Central Bank of Nigeria has announced plans to resume the sale of foreign exchange to Bureau de Change operators from Monday, August 31.
In a circular late Thursday signed by O.S. Nnaji, director of trade and exchange department, the bank fixed the rate at which BDCs will sell the dollar to end-users at “not more than N386/1USD”.
The circular was titled “Weekly Exchange Rate for Disbursement of Proceeds of International Money Transfer Service Operators, sent to all Authorised Dealers, Bureau De Change Operators, and Service Providers’.
Giving details on the rates, the bank asked them to:
“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOS for the period Monday, August 31 to Friday, September 4, 2020, is as follows:
i. IMTSOs to banks N382/1USD
ii. Banks to CBN N383/1USD
iii. CBN to BDCs N384/1USD
iv. BDCs to end-users Not more than N386/1USD
v. Volume of sales for each market is USD10,000.00 per BDC.
It said the rates for the British pound sterling were to be derived from dollar cross rates.
Commenting on the rates quoted by the bank, an analyst said they reflected CBN’s plans to pursue a convergence of the naira around the exchange rate on the I&E window.
