September 26, (THEWILL) – The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to each eligible Bureau De Change (BDC) at the rate of N1,590 per dollar.
The apex bank, in a circular signed on Wednesday, by its Acting Director, Trade and Exchange Department, Dr. Williams D. Kanaya, said all BDCs are allowed to sell to eligible end-users at a margin of not more than one per cent above the purchase rate from the CBN.
Titled ‘Sale of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions’, the circular reads: “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, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$.
“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.
“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches (ABUJA, AWKA, KANO and LAGOS) for collection of the US$20,000.00.
“Please be guided accordingly.”
