The Central Bank of Nigeria (CBN) has authorized the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar. This initiative aims to enhance forex liquidity in the market and address demand.
This information was shared in a statement signed by Dr. W.J. Kanya, Director of the Trade & Exchange Department.
The CBN emphasized that BDCs must sell to eligible end users with a markup not exceeding 1% of the purchase rate of N1,580 per dollar.
Additionally, the bank instructed interested BDCs to remit payments to their CBN deposit accounts.
The statement highlighted, “The CBN has sanctioned the distribution of $20,000 to each qualified Bureau de Change at an exchange rate of N1,580 per dollar. This action is intended to facilitate the demand for invisible transactions.”
“All BDCs are allowed to sell to eligible end-users at a margin that does not go beyond one percent (1%) above the rate at which they acquire funds from the Central Bank of Nigeria (CBN).”