The Central Bank of Nigeria (CBN) has approved the sale of Foreign Exchange (FX) to eligible Bureau De Change (BOCs) to meet the demand for invisible transactions.
In a Circular Number: TED/FEM/PUB/FPC/001/024 issued by A. A Mahdi on behalf of the Acting Director, Trade and Exchange Department, the apex bank said, the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at Nigerian Autonomous Foreign Exchange Market
(NAFEM) in the previous trading day).
CBN said, all BOCs are allowed to sell to eligible end-users of a margin NOT MORE THAN one point five percent (1.5 %) above the purchase rate from CBN.
It, therefore, directed all eligible BOCs to make Naira payment to the listed CBN Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation
for disbursement at the appropriate CBN Branches in ABUJA, AWKA, KANO and LAGOS.
The decision, according to CBN, follows an observed distortions in the retell end of the market, which is feeding into the Parallel market and further widen the exchange rate premium.
CBN is determined to achieve an appropriate market determined exchange rate for the Naira.
