The Central Bank of Nigeria (CBN) has approved the allocation of $20,000 to eligible Bureau de Change (BDC) operators at an exchange rate of ₦1,580 per dollar.
This information was disclosed in a statement issued by Dr. Williams Kanaya, the acting director of the CBN’s Trade and Exchange Department, according to the News Agency of Nigeria.
The statement highlighted that this initiative is aimed at injecting additional liquidity into the market to meet the demand for invisible transactions.
“To inform BDC operators and the public, the CBN has authorized the sale of $20,000 to each eligible BDC at a rate of ₦1,580 per dollar. This move is intended to meet the demand for invisible transactions,” Kanaya said.
All BDC operators are required to sell to end-users at a margin no greater than 1% above the CBN purchase rate. Eligible BDCs interested in participating in this transaction are instructed to make the required Naira payment to the designated CBN deposit account numbers.
For the collection of the allocated $20,000, operators are to submit payment confirmations and the necessary documentation at the appropriate CBN branches located in Abuja, Awka, Kano, and Lagos.
