The Central Bank of Nigeria (CBN) has announced the sale of dollars to Bureau De Change (BDC) Operators to boost liquidity in the foreign exchange market.
This current intervention was announced in a statement on Friday by the Acting Director, Trade and Exchange Department, CBN, Dr. J. Tanya.
He said, to provide more liquidity into the market, the apex bank has approved the sale of US$20,OOO.OO to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.
According to him, all BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.
Dr. Tanya directed eligible BDCs interested in the transaction to make the Naira payment to the CBN Deposit Account Numbers with them.
He, further disclosed that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches — (ABUJA, AWKA, KANO and LAGOS) for collection of the US$20,OOO.OO.
