Lagos — The Central Bank of Nigeria has further reduced the amount of dollars it sells to bureau de change operators in the country by $25,000 per week. It had slashed it from $100,000 to $75,000 on March 18 this year.

A CBN memo to all authorized dealers and bureau de change operators dated July 4, 2012 said the amount of weekly foreign exchange sales to BDCs has been reviewed.

Consequently, "the maximum amount of foreign exchange cash sales to each BDC per week shall be $50,000 with effect from Monday July 9, 2012," a statement signed by the CBN Director, Trade and Exchange department, Batari Musa, said.

The circular supersedes the one dated March 15, 2012 on the subject, he said.

Last year, the bank had increased to $1 million from $500,000 per bank the amount of autonomous foreign exchange banks could sell to BDCs per week, from $250,000.

The Central Bank of Nigeria sold $251 million at a foreign currency auction yesterday, bringing its total sales this week to $601 million compared with $700 million the previous week. Oil-producing companies that sell dollars around the month-end to meet local expenses are the second major supplier after the bank.