CBN sells $20,000 to BDCs at N1,580/$

The Central Bank of Nigeria (CBN) has approved $20,000 each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar.

The CBN disclosed this in a statement issued by its Acting Director of Trade and Exchange Department, Dr Williams Kanaya, on Friday, September 6, 2024.

Kanaya noted: “This is to inform the BDC operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDCs operator at the rate of N1,580/dollar. This is to meet the demand for invisible transactions.

Naira closes N1,593/$ at official market

“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent 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.”

He said the payment confirmation and all necessary documentation for disbursement should be submitted at the CBN branches in Abuja, Awka, Kano, and Lagos for collection of the $20,000.

The Star