The Central Bank of Nigeria (CBN) has approved the sale of an additional $20,000 to each eligible Bureau de Change operator (BDC).
A circular by the Acting Director of the CBN’s Trade & Exchange Department, Dr. W.J. Kanya disclosed the development on Wednesday.
According to the circular, the CBN approved the sale of $20,000 per eligible BDC at N1,590 per US dollar, which is N10 higher than the previous rate for the $20,000 sold to each BDC earlier this month.
The circular further outlines that BDC operators are allowed to sell this foreign exchange to eligible end-users at a margin not exceeding 1% above the CBN’s purchase rate.
This directive is intended to ensure transparency and limit excessive profit margins on foreign exchange transactions.
The circular read: “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will provide additional liquidity to this segment of the foreign exchange market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$. 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 – (Abuja, Awka, Kano, and Lagos) for collection of the US$20,000.00.”
