The Central Bank of Nigeria (CBN) has approved another sale of foreign exchange to eligible Bureau De Change (BDC) operators at N1,590 per dollar to meet the demand for invisible transactions.

The CBN’s Acting Director, Trade and Exchange Department, W.J. Kanya disclosed this in a statement titled: “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,’ on Wednesday night in Abuja.

The apex bank pegged the amount of dollars to be sold to each BDC at $20,000 at the rate of N1,590/$ to each.

The circular read: “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$20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.

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“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.”

The apex bank also said payment confirmation and necessary documentation for disbursement are to be submitted at its branches in Abuja, Awka, Kano, and Lagos.

By: Babajide Okeowo

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