Circular authorising FX sale to BDCs fake – CBN

The Central Bank of Nigeria (CBN) on Tuesday dismissed a circular authorising sales of foreign exchange (FX) to Bureau De Change (BDC) operators in the country.

The controversial circular, dated 10 December, suggested that the CBN would sell $20,000 to each BDC to meet the demand for invisible transactions, at a rate of N1.301/$.

It also claimed that BDCs could sell the foreign currency to end-users at a margin not higher than 1per cent above the purchase rate.