The Central Bank of Nigeria (CBN) has authorized the sale of foreign exchange to eligible bureau de change (BDC) operators at a rate of N1,590 per dollar, aiming to fulfill the demand for invisible transactions.
In a circular issued yesterday and signed by W.J. Kanya, acting director of the Trade and Exchange Department, the CBN announced that it will sell $20,000 to each BDC. The initiative is part of the CBN’s efforts to enhance liquidity in the foreign exchange market.
The circular states: “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market. To this end, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$.”
The CBN has set a margin limit for BDCs, allowing them to sell to eligible end-users at a margin of no more than one percent (1%) above the purchase rate from the bank. Eligible BDCs interested in participating in this transaction are required to make their Naira payments to the designated CBN Deposit Account Numbers.
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