he Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau De Change (BDC) operators to meet the demand for invisible transactions. This initiative is part of the ongoing reforms in the foreign exchange market aimed at achieving an appropriate market-determined exchange rate for the Naira.
According to the release, “The sum of US$20,000 is to be sold to each BDC at the rate of N1,450/$, which is the lower band of the trading rate at the official NAFEM in the previous trading day.”
Eligible BDCs are authorised to sell FX to end-users at a margin not exceeding 1.5% above the CBN purchase rate.
The statement signed by the A.g. Director of Trade and Exchange Department A. A Mahdi further states that all BDCs are directed to make the Naira payment to the specified CBN Naira Deposit Account Numbers and submit the payment confirmation along with the required documentation for disbursement at the designated CBN branches in Abuja, Awka, Kano, and Lagos.
