The Central Bank of Nigeria (CBN) has announced the approval of $20,000 each for eligible Bureau de Change (BDC) operators at an exchange rate of N1,580 per dollar. This initiative aims to inject more liquidity into the forex market, particularly to meet the demand for invisible transactions.
According to Dr. Williams Kanaya, Acting Director of the Trade and Exchange Department at the CBN, BDCs are permitted to sell to eligible end-users with a margin not exceeding one percent above the purchase rate from the CBN. Eligible BDCs are instructed to make the Naira payment to the CBN deposit account numbers provided, and submit payment confirmation and necessary documentation at designated CBN branches in Abuja, Awka, Kano, and Lagos to collect the funds.
This move is part of the CBN’s strategy to stabilize the foreign exchange market and ensure better liquidity for BDC operators.
