Central Bank Of Nigeria (Cbn) Sells Forex To Bureau De Change Operators (Bdcs) At N1,580/$1.

The Central Bank of Nigeria (CBN) has announced its approval for the sale of $20,000 to each eligible Bureau De Change (BDC) operator at a rate of N1,580/$1. This decision was disclosed in a circular posted on the CBN website late on Friday. The central bank aims to inject more liquidity into the market through this measure.

The sale of the US$20,000 to BDCs is intended to cater to the demand for invisible transactions. Under the approved terms, all BDCs are allowed to sell the currency to eligible end-users with a margin not exceeding one percent above the CBN’s purchase rate.

Interested and eligible BDCs are required to make the necessary Naira payment to the designated CBN deposit account numbers. Additionally, payment confirmation and all relevant documentation for disbursement must be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos.


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