The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to Bureau De Change (BDC) operators at the rate of N1,590 to the United States dollar.
The Acting Director of Trade and Exchange Department at CBN, Dr W. J. Kanya, made this known in a statement on Wednesday, September 25, 2024.
Kanya stated that the apex bank would provide additional liquidity to the foreign exchange market, saying the approval was to meet the demand for invisible transactions.
He added: “All BDCs are allowed to sell to eligible end-users at a margin of not more than one per cent above the purchase rate from CBN.
Naira trades N1,658/$ at official market
“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.”
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