CBN modifies foreign exchange sales for BDC operators

The Central Bank of Nigeria (CBN) has introduced a revised policy for the sale of foreign exchange (FX) to Bureau De Change (BDC) operators starting March 28th, 2024, following a one-month hiatus in FX sales to BDCs.

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The updated policy includes a reduction in the amount of FX available to BDCs and a lower purchasing rate.

BDCs can now buy $10,000 worth of FX at a rate of N1,251 per dollar, down from the previous $20,000 allocation and N1,301 per dollar rate.

Additionally, the CBN has imposed stricter regulations on the profit margin BDCs can earn on FX sales, limiting the spread to a maximum of 1.5 percent above the purchase price from the CBN, as opposed to the previous 1 percent cap.