Two years after ban, CBN may resume sale of dollars to BDCs, issues new guidelines

The Central Bank of Nigeria (CBN) has announced additional guidelines for Bureau De Change (BDC) operators in a bid to improve efficiency of the Nigerian foreign exchange market.

The decision comes two years after the apex bank banned the sale of dollars to BDCs amid efforts to stabilize the market. However, the latest directive does not state that the central bank will resume the sale of dollars to the BDCs.

The new operational mechanism, contained in a circular dated 17 August, stated that the spread on buying and selling by BDC operators will be within an allowable limit of -2.5 percent to +2.5 per cent of the Nigerian Foreign Exchange market window weighted average rate of the previous days.

Peoplesmind