The Central Bank of Nigeria Approved Sale of US$20,000.00

The Central Bank of Nigeria (CBN), has approved the sale of US$20,000 to eligible Bureau De Change Operators in Nigeria. The aim according to the apex bank is to provide more liquidity into the market.

According to a signed statement by Dr. W.J Kanya Ag. director Trade & Exchange Department, released yesterday September 6, 2024, titled “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions”.

The US$20,000 would be sold to the eligible BDC at the rate of N1,580/$ to meet the demand for invisible transactions.

Furthermore, the Apex bank directed that all BDCs be allowed to sell to eligible end-users at a margin not more than 1% above the purchase rate from CBN. “Eligible BDCs interested in the transaction are directed to make 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- ( Abuja, Awka, Kano, AND lAGOS0 for the collection of the US$20,000.00)

Earlier in July 2004, Nigeria’s apex bank approved sales of US$20,000 each to eligible Bureau de Change operators (BDCs) under its regulatory radar. The move by the apex bank was to stem the negative exchange rate movement in the parallel market in the recent times.

The CBN had paused FX sales at subsidized rate to currency traders in the informal market since April, july’s FX sales to BDCs is the first time in 3-Months.The naira was sold near N1,600 in the black market earlier due to US dollar scarcity.