CBN Sells Dollars To BDCs At N1,590/$

The Central Bank of Nigeria (CBN) has authorized a new foreign exchange (FX) sale to eligible bureau de change (BDC) operators at a rate of N1,590 per dollar to address the demand for invisible transactions.

CBN announced, yesterday, that it will sell $20,000 at the rate of N1,590/$ to each BDCs, in a  circular titled, ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,’ and signed by W.J Kanya, acting director, trade and exchange department.

The apex bank stated: “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, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. 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.”