The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau De Change (BDC)operators at a rate of ₦1,590 per dollar to meet demand for invisible transactions, Okay.ng reports.
In a circular titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand For Eligible Invisible Transactions’, released on Wednesday and signed by W.J Kanya, Acting Director of the Trade and Exchange Department, the apex bank announced that $20,000 will be sold to each eligible BDC at this rate.
“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,” the circular read.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.
“All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN
“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.”
The CBN also stated that all necessary documentation and payment confirmation for disbursement should be submitted at its branches in Abuja, Awka, Kano, and Lagos.
