The Central Bank of Nigeria (CBN) has announced the approval of $20,000 for each eligible Bureau de Change (BDC) operator at an exchange rate of N1,580 per dollar.
This move is aimed at increasing liquidity in the foreign exchange market and addressing the demand for foreign currency for invisible transactions such as travel allowances, medical expenses, and school fees.
Dr. Williams Kanaya, the Acting Director of the Trade and Exchange Department at CBN, shared the update in a statement. He emphasized that the initiative is designed to ensure a more accessible foreign exchange market for the public and ease the pressure on the Naira.
“This is to inform the BDC operators and the general public that we are providing more liquidity into the market,” Dr. Kanaya stated. “To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operators at the rate of N1,580/dollar. This is to meet the demand for invisible transactions.”
The CBN has also directed that all BDCs sell to eligible end-users at a margin not exceeding one percent above the purchase rate from the bank. Interested BDC operators are instructed to make the required Naira payments into the CBN deposit accounts assigned to them.
For disbursement, BDCs are required to submit payment confirmations and all necessary documentation to the CBN branches in Abuja, Awka, Kano, and Lagos.
