CBN sells FX to BDCs at N1,580/$

The Central Bank of Nigeria (CBN) has approved the sale of dollars to bureau de change (BDC) operators at N1,580/$.

In a circular signed by W.J Kanya, acting director, trade and exchange department, on Friday, each BDC can get foreign exchange (FX) of $20,000.

“This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market,” CBN said.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. 

“This is to meet the demand for invisible transactions.”

According to the apex bank, all BDCs are allowed to sell to eligible end-users at a margin not more than 1 percent above the purchase rate from CBN.

CBN also directed interested eligible BDCs to make the naira payment to the CBN deposit account numbers with them.

“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00,” CBN added.

On July 18, CBN approved the sale of FX to BDC operators at N1,450 per dollar to meet the demand for invisible transactions.