The Central Bank of Nigeria (CBN) has approved the sale of $20 thousand each to Bureau De Change (BDC) operators at the rate of N1,580/$ in a bid to provide more forex liquidity in the market and meet demand.
The apex Bank disclosed this in a statement signed to Director of Trade & Exchange department, Dr. W.J Kanya.
The CBN noted that BDCs are to sell to eligible end users at a margin not above the 1% of the purchase rate of N1,580/$.
Furthermore, the bank directed interested BDCs to make payment to CBN deposit accounts with them.
The statement reads, “The CBN has approved the allocation of $20,000.00 to each qualified Bureau de Change at an exchange rate of N1,580 per dollar. This measure aims to address the demand for invisible transactions.”
“All BDCs are permitted to sell to qualified end-users at a margin that does not exceed one percent (1%) above the rate at which they purchase from the Central Bank of Nigeria (CBN).”
More details later…
