The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to eligible Bureau De Change (BDC) operators.
CBN’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, in a statement said the bank has observed “continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.”
To address this, Mahmud said CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
“The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024),” Mahmud stated.
He noted all BDCs are allowed to sell to end-users at a margin not more than one percent (1%) above the purchase rate from CBN.
To participate in the programme, Mahmud added that all eligible BDCs must make Naira payments to designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment along with other necessary documentation.
He stated that foreign exchange will be disbursed at designated CBN branches in Abuja, Awka, Lagos, and Kano.
