CBN sells dollars to BDCs at N1,580 to boost liquidity

The Central Bank of Nigeria (CBN) has increased liquidity in the foreign exchange market by selling U.S. dollars to Bureau De Change (BDC) operators at a rate of N1,580 per dollar.

The decision aims to address the retail market demand for eligible invisible transactions such as personal travel allowances, business travel allowances, medical bills, and school fees.

According to a statement issued by W. J. Kanya, acting director of Trade & Exchange Department, each eligible BDC will be allocated $20,000 at the approved rate. In turn, BDCs are authorised to sell to end-users at a margin not exceeding one percent above the purchase rate from the CBN.

To participate in this transaction, eligible BDCs are instructed to make the necessary Naira payments into their designated CBN deposit accounts. Following this, they must provide payment confirmations and submit all required documentation at the appropriate CBN branches located in Abuja, Awka, Kano, and Lagos to collect their dollar allocation.

The move is part of the CBN’s ongoing efforts to stabilise the foreign exchange market by ensuring adequate supply to meet the needs of the retail segment, particularly for transactions that do not involve the importation of goods.

Related News

BDCs and members of the public are urged to take note of these new guidelines and comply accordingly.

The naira ended the official foreign exchange (FX) market on a positive note on Friday, rising by 2.9 percent on increased dollar supply worth $245.17 million.

The naira gained as the dollar was quoted at N1,593.32 on Friday compared to N1,639.41 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

For three trading days before the gain, the local currency recorded losses due to strong demand for dollars by the end users.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.