The Central Bank of Nigeria (CBN) has, Thursday, said Bureau de Change (BDC) must not exchange the naira at more than N386 per dollar as it will resume weekly forex sales to BDCs operators from Monday August 31.
This was revealed in a circular signed by the Director of Trade and Exchange Department, O.S. Nnaji, where the apex bank said BDCs must not exchange the naira at more than N386/$.
It said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights, September 5, has been announced.
The CBN enjoined, “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday August 31 to Friday September 04, 2020 is as follows:
IMTSOs to banks: N382/$1
Banks to CBN: N383/$1
CBN to BDCs: N384/$1
BDCs to end-users: Not more than N386
Volume of sale to each market is $10,000 per BDC.
FX sales to BDCs, it adds, will hold on Mondays and Wednesdays in the first instance.
The circular read in part, “The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays.”
The apex bank further hinted that banks “shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa)”.
