The Central Bank of Nigeria (CBN) on Thursday directed Bureau De Change (BDC) operators to sell forex at a maximum profit margin of 1.5 percent, aiming to correct market distortions. The bank, in a circular to BDC operators and the public, which was signed by Aliyu Mahdi, Acting Director of the Trade and Exchange Department, the directive was to normalize the foreign exchange market through ongoing reforms. The circular with the title, “Sales of Foreign Exchange To BDCS To Meet Retail Market Demand For Eligible Invisible Transactions”, outlined the rationale behind the directive. The regulator said that persistent distortions in

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