Nigerians who are saving their dollars are closely watching as the Central Bank of Nigeria (CBN) sells dollars to Bureau De Change operators (BDCs) at a rate below the market price of N1,101/$1. According to NairaMetrics, the CBN issued a circular informing BDCs that they will be able to purchase $10,000 each at this rate.

The circular, titled 'Sales of FX to Meet Retail Market Demand for Eligible Invisible Transactions', dated April 8, was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON). This move comes shortly after the announcement of the second tranche of sales on March 25.

The CBN's directive stipulates that BDCs must sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price, meaning they should not sell above N1,117/$1. The document states, "We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of N1101/$1."