CBN Initiate Dollar Sales to BDCs at N1,101/$1

The Central Bank of Nigeria (CBN) has announced the sales of foreign exchange (FX) to the bureau de change (BDC) operators at the rate of N1,101/$.

The CBN disclosed this in a circular, titled, ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’, dated April 8.

The circular was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON).

The development comes less than a month after the second announcement of sales.