Forex
CBN approves $20,000 to each BDC operator at the rate of N1,590/$
The Central Bank of Nigeria (CBN) has released $20,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,590/$.
This is contained in a circular signed by CBN’s Acting Director of Trade and Exchange Department, W.J. Kanya, dated September 25, 2024.
In the circular, the CBN told all Bureau De Change that the forex would provide “additional liquidity to this segment of the foreign exchange market”.
The circular stated that, “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.
“All BDCs are allowed to sell to eligible end-users at a margin of not more than one percent above the purchase rate from CBN.
“Eligible BDCs interested in this transaction are directed 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 in Abuja, Akwa, Kano and Lagos for collection of the $20,000.”
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