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.
The Court of Appeal, Makurdi Division, on Thursday set aside the ruling of the Benue…
The Benue State Police Command has confirmed the tragic killing of prominent Otukpo-based lawyer and…
A bill proposing a six-year single term for the office of the president and state…
The Senate has approved President Bola Tinubu’s ₦1.77 trillion ($2.2b) loan request following a voice…
Finnish-Nigerian separatist leader, Simon Ekpa, and four others have been arrested in Finland for involvement…
Finnish-Nigerian separatist agitator, Simon Ekpa, and four other persons have been arrested in Finland over…
