The Central Bank of Nigeria has informed the general public of the sale of US$10,000 to 1,588 Bureau De Change (BDC) operators in the country at ₦1,101 per US$1.00.
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A press release by the Apex bank on Monday stipulates that the BDCS are to sell the US$ to eligible end users at a spread of not more than 1.5 percent above the purchase price.
By implication, BDCs are expected to sell the US$ acquired from the Central Bank at a price not more than ₦1,117.515 per US$1.00.
The CBN directed all eligible BDCs to commence payment of the Naira deposit to the CBN naira deposit account numbers from Monday April 08 2024. The necessary documentation for disbursement will be submitted to the appropriate CBN branches.
Naira appreciated by 1.63% on the official market on Monday by 1.63%, closing the day’s trading at ₦1,230.61 per United States Dollar.
On the black market it was gaining by 0.26% on Monday morning, as it exchanged at ₦1,255.45 per dollar.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
