The Central Bank of Nigeria has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
This, according to the banks circular reference no TED/REN/PUB/FPC/001/024 dated 18th July 2024, is to also slow the observed distortions in the retail end of the market.
The circular,signed by the Acting Director in charge of Trade and Exchange Department, A.A Mahdi, states further “the sum of $20,000 is to be sold to each BDC at the rate of N1450/$ (representing the lower band of the trading rate at NAFEM in the previous day trading).
All BDCs are permitted to sell to end users with a maximum margin of 1.5% above the price at which they bought from the CBN.
The Naira payment by the BDCs is to be made into prescribed CBN Naira Deposit Account Numbers while confirmation of payments as well as disbursement documentation are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos.