Central Bank of Nigeria (CBN) has recently approved the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at a rate of N1,590 per dollar.
Gatekeepers News reports that this decision aims to address the demand for invisible transactions.
The CBN announced this sale through a circular titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions’ signed by W.J Kanya, the acting Director of the Trade and Exchange Department.
According to the circular, the CBN will be selling $20,000 to each BDC at the rate of N1,590/$.
“To this end, the 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.”
Also, the CBN specified that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate branches of the CBN in Abuja, Awka, Kano, and Lagos for collection.
