Don’t Sell Above N386/ US$ To End-Users, CBN Orders BDCs

The Central Bank of Nigeria (CBN), on Thursday, released its weekly rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs), directing that between Monday, August 31 and Friday, September 4, 2020, US$ should be sold to end-users by Bureau de Change operators at more than N386/US$.

In a circular to all authorized dealers, BDCs and service providers date August 27, 2020, the apex bank directed that IMTSOs should disburse to banks at N382/US$; and from banks to the CBN at N383/US$1; which will then sell to the BDCs at $384/US$.

The circular referenced TED/FEM/FPC/GEN/01/007 and signed by Dr. O.S Nnaji, the Director of Trade and Exchange Department at the CBN, also directed that “volume of sale for each market is US$10,000.00 per BDC.”

The British Pounds (GBP) rate, he further directed, “should be derived from the US$ cross rate on the date of sale.”