September 07, (THEWILL) – The Central Bank of Nigeria (CBN) has again approved the sale of $20,000 to each eligible Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar, aiming to increase forex liquidity and meet the growing market demand.
This is coming after the naira depreciated at the official and parallel market to about 1,670/$ on Friday.
However, the apex bank, in a statement signed by the Acting Director, Trade & Exchange Department, Dr. W.J. Kanya, directed BDCs to sell to eligible end-users at a margin not more than one per cent above the purchase rate of N1,580 per dollar.
Additionally, the bank directed interested BDC operators to make payments to their CBN deposit accounts.
The statement reads in part: “The CBN has approved the allocation of $20,000 to each qualified Bureau de Change at an exchange rate of N1,580 per dollar. This measure is intended to address the demand for invisible transactions.
“All BDCs are allowed to sell to eligible end-users at a margin not exceeding one percent above the rate at which they purchase from the CBN.”
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