The Naira is steadily gaining value against the dollar amid prolonged uncertainties. On Monday, the Central Bank of Nigeria (CBN) revealed its sale of $10,000 to eligible Bureau De Change (BDC) operators at a rate of N1,251/$1.
The apex bank, in a circular to the President of the Association of Bureau De Change Operators of Nigeria on Monday, instructed BDCs to sell to eligible end users at a spread of not more than 1.5% above the purchase price.
The circular was signed by the bank’s Director of Trade and Exchange Department, Hassan Mahmud.
The CBN warned that “any BDC that breaches the above terms shall be sanction appropriately, including outright suspension from further participation in the sale”.
