The Central Bank of Nigeria (CBN) has instructed Bureau De Change (BDC) operators in Nigeria to sell dollars at N392 to end-users.
The directive was given in a circular signed 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,” it read.
The CBN stated that the volume of sales for each market is $10,000 per bureau de change (BDC).
At the close of trading on Friday, figures from the financial market dealers exchange over the counter (FMDQ) NAFEX, an official market where the exchange rate is traded, also show that the exchange rate between the naira and dollar has depreciated to N390/$1 — lowest level since the introduction of the import & export (I&E) window in 2017