The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each eligible Bureau De Change (BDC) operator in the country at an exchange rate of N1,590 per dollar.
In a circular dated September 25, 2024, addressed to all BDC operators, the CBN stated that the move is aimed at providing “additional liquidity to this segment of the foreign exchange market.”
The circular, signed by W.J. Kanya, the Acting Director of the CBN’s Trade and Exchange Department, outlined the terms of the sale: “The CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590 per dollar to meet the demand for invisible transactions.”
The circular further stated that BDCs are permitted to sell to eligible end-users at a margin of no more than one percent above the CBN purchase rate.
Interested BDC operators are instructed to make naira payments to CBN deposit accounts and submit payment confirmations along with necessary documentation at designated CBN branches in Abuja, Akwa, Kano, and Lagos for the disbursement of the $20,000.