The dramatic depreciation of the Naira to N1,640 per dollar in the parallel market was reversed when the Central Bank of Nigeria, or CBN, declared yesterday that dollar sales to bureaux de change, or BDCs, will resume. Two months after the last dollar sales to BDCs in April, this one is scheduled. The central bank announced that it will sell $20,000 to each BDC in a circular signed by A. A. Mahdi, Acting Director, Trade and Exchange Department of the CBN. BDCs are to sell to end customers at a margin of no more than N1,450 per dollar, as instructed by the apex bank. Accordingly, BDCs will cost N1,475.75 for every dollar when sold to end customers.
