The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,590/$.
In a circular to all Bureau De Change operators dated September 25, 2024, the apex bank said the forex would provide โadditional liquidity to this segment of the foreign exchange marketโ.
The circular was signed by CBNโs Acting Director of Trade and Exchange Department, W.J. Kanya.
Kanya said, โTo this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.
โAll BDCs are allowed to sell to eligible end-users at a margin of not more than one percent above the purchase rate from CBN.
โEligible BDCs interested in this transaction are directed to make the naira payment to the CBN deposit account numbers with them.
โAlso, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Akwa, Kano and Lagos for collection of the $20,000.โ
