The Central Bank of Nigeria (CBN) has announced the approval of the sale of US$20,000 to each eligible Bureau De Change (BDC) operator at a rate of N1,580/$. This move aims to increase liquidity in the market and meet the demand for invisible transactions.
CBN statement signed by Dr. W.J. Kanya Ag. Director, Trade & Exchange Department Central Bank of Nigeria and ontained by the OBSERVERSTIMES. states that the eligible BDCs are allowed to sell to end-users at a margin not exceeding one percent (1%) above the purchase rate from the CBN. Interested BDCs are required to make Naira payments to the CBN’s deposit account numbers and submit payment confirmation and necessary documentation at designated CBN branches (Abuja, Awka, Kano, and Lagos) for collection of the US$20,000.
This development is expected to enhance access to foreign exchange for eligible transactions, promoting economic growth and development.
