CBN Sells FX to BDCs @N1 580/$ to Boost Liquidity

Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.

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

The directive further stipulated that all BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1 percent above the purchase rate set by the CBN.

The CBN also instructed interested and eligible BDCs to make their naira payments to the CBN deposit account numbers assigned to them.

It read; “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.

“This is to meet the demand for invisible transactions. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00.”