Business
CBN approves $20,000 allocation to eligible BDC operators at N1,580 rate
The Central Bank of Nigeria (CBN) has authorized the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar in an effort to increase forex liquidity and satisfy market demand.
This was revealed in a statement signed by Dr. W.J. Kanya, Director of the Trade & Exchange Department.
According to the CBN, BDC operators are required to sell to eligible end-users at a margin not exceeding 1% of the purchase rate of N1,580 per dollar.
Additionally, the bank instructed interested BDCs to deposit payments into CBN accounts linked to them.
The statement reads: “The CBN has approved an allocation of $20,000 to each qualified Bureau De Change at an exchange rate of N1,580 per dollar. This action is intended to meet the demand for invisible transactions.”
“All BDCs are to sell to eligible end-users at a margin not exceeding 1% above the rate at which they purchase from the Central Bank of Nigeria (CBN).”
Further updates will follow.
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