Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to bureau de change (BDC) operators at a rate of N1,580 per dollar.
Gatekeepers News reports that according to a circular signed by W.J Kanya, acting director of the trade and exchange department, each eligible BDC can purchase $20,000.
The move is aimed at increasing liquidity in the market, with the CBN stating, “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market.”
The CBN also directed BDCs to sell to eligible end-users at a margin not more than 1 percent above the purchase rate from the CBN. Interested BDCs are required to make naira payments to the CBN deposit account numbers and submit necessary documentation for disbursement at designated CBN branches.
This is not the first time the CBN has approved the sale of FX to BDC operators. On July 18, the apex bank approved the sale of FX at N1,450 per dollar to meet the demand for invisible transactions.
