The Central Bank of Nigeria (CBN) has allocated $10,000 to Bureau De Change (BDC) operators at an exchange rate of N1,251 per United States dollar, as disclosed in a circular signed by Hassan Mahmud, the CBN's Director of Trade and Exchange Department.
In the circular, the apex bank instructed BDCs to provide dollars to qualified customers with a cap of 1.5% above the buying price. Consequently, BDCs are urged not to exceed the rate of N1,269 for each US dollar.
The circular stated: "We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.
"We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price."