The Central Bank of Nigeria (CBN) has authorized the sale of $20,000 to each eligible Bureau De Change (BDC) operator at the exchange rate of N1,590 per dollar. The move, aimed at injecting “additional liquidity” into the foreign exchange market, was announced in a circular dated September 25, 2024.
Signed by the CBN’s Acting Director of Trade and Exchange Department, W.J. Kanya, the circular clarified that the funds are intended to meet the demand for invisible transactions.
“To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$,” Kanya stated. “All BDCs are allowed to sell to eligible end-users at a margin of not more than one percent above the purchase rate from CBN.”
The circular also directed BDC operators interested in the transaction to make the naira payment to designated CBN deposit accounts. Payment confirmation and necessary documentation must be submitted at CBN branches in Abuja, Akwa, Kano, and Lagos for collection of the foreign exchange.
