CBN approves US$20,000 for sale to each BDC

Abuja, Sept. 26, 2024 – The Central Bank of Nigeria (CBN) on Wednesday approved US$20,000 for sale to each of the qualified Bureau de Change (BDC) operators at a rate of ₦1,590 per dollar.

The foreign exchange was approved to the BDCs for onward sale to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN.

W.J. Kanya, the CBN Acting Director of Trade and Exchange Department, announced this in a circular.

According to the circular titled: “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions”, the CBN said it was providing $20,000 at the rate of ₦1,590 per dollar to each BDC.

The circular 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, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. 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%) percent 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.”  (GBN)