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The News Beam
Home News Business & Economy

BREAKING! CBN directs BDCs to sell dollars at N392/$

November 27, 2020
in Business & Economy, Finance, News
Reading Time: 2 mins read
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CBN

Emefiele, CBN Governor

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CBN directive aligns BDC exchange rate to I&E window exchange rate

The Central Bank of Nigeria (CBN) has directed Bureaux De change (BDC) operators to sell dollars at exchange rate up to N392/$.

This represents N6 increase (depreciation) from the N386/$ exchange rate allowed by the CBN for BDC operators.

READ ALSO: How to Register your Business for Free with CAC

The directive of the CBN was announced by the Director of Trade and Exchange Department, CBN, Mr. O.S Nnaji in a circular titled: Weekly Exchange Rate for Disbursement of Proceeds of International Money Transfer Service Operators.

The Circular is presented below

BREAKING! CBN directs BDCs to sell dollars at N392/$

The directive of the CBN is to align the BDC dollar exchange rate to the depreciation of the naira in the Investor and Exporters (I&E) window on Wednesday.

Recall that the CBN on Wednesday depreciated the naira in by N7.75 in the Investors and Exporters (I&E) window. Thus the I&E window exchange rate rose to N393/$ at the close of business on Wednesday from N385.5/$ on Tuesday November 24th 2020.

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