CBN Sells Foreign Exchange To BDCs At N1,580 Per Dollar

CBN Sells Foreign Exchange To BDCs At N1,580 Per Dollar

The Central Bank of Nigeria (CBN) has authorized the sale of dollars to Bureau De Change (BDC) operators at a rate of N1,580 per dollar.

In a circular dated Friday, September 6, and signed by W.J Kanya, the acting director of the trade and exchange department, the CBN announced that each BDC operator is allowed to purchase up to $20,000 in foreign exchange (FX).

The directive also stipulates that BDCs can sell FX to eligible customers, but with a margin no higher than 1 percent above the purchase rate set by the CBN.

Additionally, the CBN instructed eligible BDCs to make their naira payments to designated CBN deposit account numbers provided to them.

The circular stated:

“This is to inform Bureau De Change (BDC) operators and the general public that we are injecting more liquidity into the market. The CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,580 per dollar.

“This is intended to meet the demand for invisible transactions. Payment confirmation and required documentation for disbursement must be submitted to the designated CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the $20,000.”