CBN sells forex to BDCs at N1,580/$1

The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to each eligible Bureau De Change (BDC) operator at N1,580/$1.

The apex bank stated this in a circular signed by W.J. Kanya, acting director, trade and exchange department, which was posted on its website late on Friday.

The circular said: “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.

“This is to meet the demand for invisible transactions.”

According to the circular, all BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

The circular further stated that interested and eligible BDCs should make the Naira payment to the CBN deposit account numbers with them.

“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches – (Abuja, Awka, Kano and Lagos) for collection of the US$20,000.00,” the statement added.