The Central Bank of Nigeria, CBN has approved the sale of foreign exchange to BDCs to meet the retail market demand for invisible transactions.
By Danlami Nmodu
The Central Bank of Nigeria, CBN has approved the sale of foreign exchange to BDCs to meet the retail market demand for invisible transactions.
This was disclosed in a CBN memo dated 25 September and signed by Dr W.J Kanya, Ag.Director, Trade & Exchange Department.
The memo revealed that the CBN approval is for the “sale of US$20,OOO.OO to each eligible BDC at the rate of NI,590/$.”
The memo reads: “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“To this end, the CBN has approved the sale of US$20,OOO.OO to each eligible BDC at the rate of NI,590/$. 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 (1%) 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,OOO.OO.”
