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As the naira gradually appreciates against the dollar after months of unprecedented uncertainties, the Central Bank of Nigeria (CBN) has announced the sale of 10,000 dollars to each of the eligible Bureau De Change (BDC) operators in the country at the rate of 1,251 naira to one dollar.

In a circular to the President of the Association of Bureau De Change Operators of Nigeria, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.

The CBN warned that “any BDC that breaches the above terms shall be sanctioned appropriately, including outright suspension from further participation in the sale.”.

The circular was signed by the bank’s Director of Trade and Exchange Department, Hassan Mahmud.

The Nigerian naira has seen a dip in the last nine months since President Bola Tinubu's administration collapsed the foreign exchange window.

As a way to control the value of the wobbling naira, the apex bank had, on March 1, 2024,

revoked the licenses of 4,173 BDCs over compliance failures.

The federal government says it will improve access to foreign exchange for the importation of raw materials and machines unavailable locally.

President MUHAMMADU BUHARI said this in Abuja while responding to requests from the manufacturing sector on how to increase its contribution to the Nigerian economy.

The government had banned forex on the importation of selected items into Nigeria.

BUHARI told the leadership of Manufacturers Association of Nigeria that the relevant ministry would revisit their concerns about the increase in excise duties on the identified products and other tariff-related matters.

In her remarks, MARIAM KATAGUM, minister of state, industry, trade and investment, said MAN is in business to create a climate of opinion in this country so that manufacturers can operate efficiently and profitably for the benefit of all.

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