The Central Bank of Nigeria (CBN) has officially announced the sale of $20,000 to each eligible Bureau De Change (BDC) operator at an exchange rate of N1,590 per dollar. This move aims to enhance liquidity in the foreign exchange market, particularly for invisible transactions.
In a circular dated September 25, 2024, and signed by W.J. Kanya, the Acting Director of the Trade and Exchange Department, the CBN outlined the details of the sale. Kanya stated, “To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.”
Eligible BDCs are permitted to sell the foreign exchange to end-users at a margin not exceeding one percent above the purchase rate from the CBN. BDC operators interested in participating in this transaction must make the naira payment to the CBN deposit account numbers assigned to them.
Furthermore, operators are required to submit payment confirmations and all necessary documentation at designated CBN branches in Abuja, Akwa, Kano, and Lagos for the collection of the $20,000.
This initiative reflects the CBN’s ongoing efforts to stabilize the forex market and support the operational needs of BDCs across the country.
