CBN pegs dollar at N380, warns BDCs

The Central Bank of Nigeria has directed bureau de change operators in the country not sell the United States dollar higher than N380 to end users.

The previous N360 per dollar exchange rate was adopted in 2016.

A memo signed by director of the apex bank’s trade and exchange department, Ozoemena Nnaji, to banks and BDC operators advised that the applicable exchange rate for the disbursement of proceeds of International Money Transfer Operators for the period Monday, March 23 to Friday, March 27, 2020 is as follows – IMTSOs to banks: N376/$1; banks to CBN: N377/$1; CBN to BDCs: N378/$1; BDCs to end users: not more than N380. Volume of sale to each market is $20,000 per BDC.

“Kindly note that the British pound sterling rate should be derived from the U.S. dollar cross rate on the date of the sale,” the apex bank added.

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