In a circular uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department Dr Hassan Mahmud, the apex bank said it is set to sell ten thousand dollars to BDCs at one thousand and twenty-one per dollar and directed the operators to sell at a spread not more than one point five per cent above the CBN rate.
Earlier, the apex bank sold ten thousand dollars to BDCs at a rate of one thousand one hundred and one per dollar and directed the BDCs to sell to eligible customers at a rate not exceeding one point five per cent above the purchase price.
The current rate is seven point two seven per cent less than the previous price. This current release is hoped to strengthen the local currency further.
The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”
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