•Releases guidelines for sale to end-users

•Pegs PTA at $4,000; BTA at $5,000 per individual

The Central Bank of Nigeria, CBN yesterday resumed dollar sales to BUreaux De Change, BDCs, with   sale of $15.7 million to 785 bureaux de Change across the country.

According to the apex bank,   $20,000 will be sold to each   BDCs at N1,301/$. The BDCs are to sell the dollars to the end-users at a margin not more than 1% of the purchase price

Director Trade and Exchange Department, CBN, Dr. Hassan Mahmud disclosed this in a circular titled, ‘Sale of Foreign Exchange To Bureau De Change Operators to meet Retail Demand For Eligible Invisible Transactions.”

He said: “Following the on-going reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.  

‘To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$ – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).  

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1 %) above the purchase rate from CBN.  

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN Branches – ABUJA, AWKA, LAGOS and KANO)”