• About
  • Advertise
  • Careers
  • Contact Us
Saturday, June 21, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

CBN Approved Sale of US$20,000 To Eligible BDC

by Adetunji Tobi
September 7, 2024
in Finance
1
Naira Devaluation
Olayemi Cardoso, Governor Central Bank Nigeria.

Olayemi Cardoso, Governor Central Bank Nigeria.

UBA
Advertisements
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.

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Tags: CBN
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
Lagos Govt

#FuelPriceHike: Lagos Govt Extend Work From Home Policy For Another 3 Months Due to Fuel Price Hike

Comments 1

  1. Mohammed adamu italiya says:
    6 months ago

    I amen business man I drive trok

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Infobip Highlights Power of AI for Customer Experience at Exclusive Business Dinner in Lagos

Infobip Highlights Power of AI for Customer Experience at Exclusive Business Dinner in Lagos

11 months ago
Ladi Balogun FCMB Group CEO

FCMB Group Posts ₦35bn Q1 Profit as Revenue Surpasses Forecast

1 month ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.