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.
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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
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.
