The Central Bank of Nigeria (CBN) has announced the sale of US dollars to eligible Bureau de Change (BDC) operators at a rate of N1,590 per dollar, aiming to enhance liquidity for invisible transactions. Each BDC can purchase $20,000 to meet market demands.
The Central Bank of Nigeria (CBN) has announced its latest initiative to sell foreign currency to eligible Bureau de Change (BDC) operators, setting the exchange rate at N1,590 per dollar. This move is intended to address the demand for invisible transactions.
In a circular released on Wednesday, titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand For Eligible Invisible Transactions,” the CBN stated that it would provide $20,000 to each BDC at this specified rate. The acting director of the trade and exchange department, W.J. Kanya, signed the announcement.
The CBN emphasized that this sale aims to increase liquidity within the foreign exchange market, allowing BDCs to meet the needs of their clients more effectively. Following the purchase from the CBN, BDCs are permitted to sell the dollars to eligible end-users with a maximum markup of one percent over the purchase price.
BDCs interested in participating must ensure their Naira payment is made to the CBN’s designated deposit account. Additionally, they must submit payment confirmations and necessary documentation to the appropriate CBN branches in Abuja, Awka, Kano, and Lagos to complete the transaction.
