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Sell dollar at N386 naira : CBN to BDC

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Bureau De Change (BDC) operators in Nigeria can now get back to full business as the Central Bank of Nigeria CBN is set to resume the sale of foreign exchange.

Director Trade and Exchange Department in the apex bank Ozoemena Nnaji says the apex bank has pegged sale of FOREX to Nigerians at N386.

Nnaji gave the applicable exchange rate for disbursements of proceeds of International Money Transfer Operators (IMTOs) for August 31 to September 4.

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 – $10,000 per BDC.

CBN explained that the step was to enhance accessibility to foreign exchange, particularly to travelers.

“Authorised dealers of Deposit Money Banks shall continue to sell foreign currency for travel related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.

“All authorised dealers and BDC operators are hereby advised to ensure strict compliance with the provision of the extant regulation on the disbursement of foreign exchange cash to travellers as any case of infraction will be appropriately sanctioned,” CBN warned.

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