The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to each eligible Bureau De Change (BDC) operator at the exchange rate of N1,580 to the dollar. This was disclosed in a statement by Dr. Williams Kanaya, Acting Director of the Trade and Exchange Department at the apex bank.
According to the statement, the move aims to inject more liquidity into the market and meet the demand for invisible transactions.
“All BDC operators are permitted to sell to eligible end-users at a margin not exceeding one percent above the purchase rate from the CBN,” Kanaya said.
He added that interested BDCs should make their Naira payment into designated CBN deposit accounts. Payment confirmation and relevant documentation must then be submitted at CBN branches in Abuja, Awka, Kano, and Lagos to collect the approved $20,000.
