The Central Bank of Nigeria (CBN) has commenced the sale of $20,000 to eligible Bureau De Change (BDC) operators across the country at an exchange rate of ₦1,590 per dollar.
In a circular issued on September 25, 2024, the CBN emphasized that this move is aimed at injecting “additional liquidity” into the foreign exchange market to ease demand pressure.
The circular, signed by W.J. Kanya, the Acting Director of the CBN’s Trade and Exchange Department, clarified that the sale is intended to meet the demand for invisible transactions.
“To this end, the CBN has approved the sale of $20,000 to each eligible BDC at a rate of ₦1,590/$,” Kanya said. “All BDCs are permitted to sell to eligible end-users at a margin of no more than one percent above the purchase rate from the CBN.”
Eligible BDC operators are required to make naira payments to designated CBN deposit accounts, while all necessary documentation for disbursement should be submitted to relevant CBN branches in Abuja, Akwa, Kano, and Lagos for collection of the foreign currency.
This intervention by the CBN is part of efforts to stabilize the foreign exchange market and address the growing demand for foreign currency in the country.
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