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Naira-Dollar Exchange Pegged At N386/$ As CBN Resumes Fx Sale To BDCs

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Central Bank of Nigeria (CBN) has pegged the dollar at N386 as it resumes the sale of foreign exchange to Bureau de Change operators.

In a circular signed by O.S Nnaji, Director of Trade and Exchange department, CBN gave a breakdown of the new exchange rates as it also revealed the names the BDCs granted approval by the CBN.

The apex bank said its decision to resume FX sales to BDCs is to ease accessibility to forex “particularly to travellers” after Minister of Aviation, Hadi Sirika announced the resumption of flights.

In its breakdown, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:

CBN
  • IMTSOs to banks: N382/$1
  • Banks to CBN: N383/$1
  • CBN to BDCs: N384/$1
  • BDCs to end-users: Not more than N386
  • Volume of sale to each market is $10,000 per BDC.

“The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.

“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays,” the circular read.

“Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”

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