The CBN is desperate to reform the foreign exchange market and boost the naira’s value. The Central Bank of Nigeria (CBN) has instructed bureau de change (BDC) operators to trade at a fixed rate in the foreign exchange market.The director of the bank’s trade and exchange department, Dr Hassan Mahmud, directed in a memo, dated March 25, 2024, that each approved BDC operator is to receive a maximum of $10,000 at the rate of ₦1,251/$1. “The BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price,” he said. This means the most any BDC operator buying from …