BREAKING NEWS: CBN sells dollars to BDCs at N1,590/$

In order to satisfy the demand for invisible transactions, the Central Bank of Nigeria (CBN) has authorized the selling of foreign exchange (FX) at a rate of N1,590 per dollar to qualified bureau de change (BDC) operators.

In a circular titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,” which was signed by W.J. Kanya, acting director of the trade and exchange department, CBN said yesterday that it will sell $20,000 at the rate of N1,590/$ to each BDC.

“The purpose of this announcement is to notify the public and Bureau De Change (BDC) Operators that the CBN will be adding more liquidity to this particular segment of the foreign exchange market,” the top bank said.

“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%) 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.”