CBN to resume dollar sales to BDCs

The Central Bank of Nigeria will resume what it called “gradual” sales of dollars to Bureau De Change (BDC) operators on Monday, August 31, the apex bank said in a document seen by BusinessDay on Thursday.

The CBN will sell dollars to the BDCs at a rate of N384/$ while the BDCs are to sell to end-users at no more than N386/$, according to a separate document seen by BusinessDay.

The CBN also said it will now sell $10,000 weekly to each BDC. That’s 86 percent lower than the $75,000 weekly sales done in the past.

“Purchases of dollars shall be on Mondays and Wednesdays in the first instance,” the document, signed by O.S. Nnaji, director of the trade and exchange department at the CBN, read.