CBN Directs BDC Operators To Sell Naira At N392/$

The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country to sell dollars not higher than N392 to end users.

This was made known in a circular signed and issued by O.S. Nnaji, Director of Trade and Exchange at the CBN and dated November 30, 2020.

“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1; Banks to CBN – N399/$1; CBN to BDCs – N390/$1; BDCs to end-users not more than N392/$1,” the circular read.

The apex bank also noted that the volume of sales for each market is $10,000 per bureau de change (BDC).