CBN Sells $20,000 To Each BDC At N1,590/$ To Meet Retail Demand

The Central Bank of Nigeria (CBN) has announced the provision of additional liquidity to the Bureau De Change (BDC) segment of the foreign exchange market to meet the high demand for forex in the local market.

In a circular that signed by the apex bank’s director in charge of trade & exchange department, J. Kanya, the CBN said $20,000 would be provided to each BDC operated at a ‘discounted’ rate.

“To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions,” the director stated in the circular to the BCDs on Wednesday.

The central bank said all BDCs were allowed to sell to eligible end-users at a margin of not more than one per cent 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. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches,” the statement added.