Chidi Samuel| The Central Bank of Nigeria (CBN) on Friday directed that bureaux de change operators in the country to sell dollars at N380 to end users.
The previous exchange rate was N360/$.
The new directive contained in a memo addressed to banks and bureau de change operators, and signed by O.S. Nnaji, director of the apex bank’s trade and exchange department.
The memo read, “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, March 23 to Friday, March 27, 2020, is as follows:
-IMTSOs to banks: N376/$1
-Banks to CBN: N377/$1
-CBN to BDCs: N378/$1
-BDCs to end users: Not more than N380
-Volume of sale to each market is $20,000 per BDC.
“Kindly note that the GBP rate should be derived from USD cross rate on the date of the sale.’
The CBN also unified the BDC segment rate with that of the investors and exporters window where the naira traded at N380/$ on Friday.
Leave a Reply