The Central Bank of Nigeria (CBN) has announced a new directive allowing Bureau de Change (BDC) operators to purchase foreign exchange (FX) at a rate of N1,580 per US dollar. Each eligible BDC will be able to acquire up to $20,000.
In a circular issued on Friday and signed by the Acting Director of the Trade and Exchange Department W.J. Kanya. The CBN indicated that this measure aims to inject more liquidity into the market to meet the demand for invisible transactions, such as personal and business-related expenses that do not involve physical goods.
“This is to inform BDC Operators and the general public that we are providing more liquidity into the market,” the CBN statement read. “To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580 per dollar.”
The apex bank has also set guidelines for BDC operators, stating that they are permitted to sell the FX to eligible end-users with a margin no greater than 1 percent above the purchase rate from the CBN.
BDC operators interested in this opportunity must make naira payments to the CBN deposit accounts assigned to them. Payment confirmations and required documentation must be submitted to the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the disbursement of the $20,000.
This new rate comes after a previous adjustment on July 18, when the CBN approved the sale of FX to BDC operators at N1,450 per dollar, also aimed at addressing demand for invisible transactions.
