The Central Bank of Nigeria (CBN) on Wednesday announced that it will sell dollars to Bureau De Change (BDC) operators at a rate of N1,590 per dollar in a move aimed at boosting liquidity in the foreign exchange market. The CBN made this known through a directive issued to BDC operators and the general public.
In the statement, the CBN revealed that each eligible BDC would be able to purchase up to $20,000 from the Central Bank to cater to retail market demand for invisible transactions. “This move is to ensure adequate liquidity and meet the growing demand for invisible transactions in the market,” the CBN explained.
The directive, signed by W . J. Kanya, acting director of the trade and exchange department, further outlined that BDCs are allowed to sell the dollars to end-users at a margin of not more than one per cent above the CBN’s purchase rate.
BDC operators interested in participating in this transaction have been instructed to make the required naira payment to the CBN’s deposit accounts and submit all necessary documentation at the designated CBN branches in Abuja, Awka, Kano, and Lagos.
BDCs have lauded the move, saying it will provide much-needed relief to the forex market. One operator noted, “This will help stabilise the market and give us the ability to meet customer demands more efficiently.”
The CBN emphasised that all operators must adhere strictly to the guidelines to ensure a smooth and transparent process for accessing the funds. “Our goal is to maintain stability in the foreign exchange market and ensure that eligible end-users can meet their transaction needs,” Kanya added.
