CBN approves $20,000 for eligible BDCs at N1,580 exchange rate

Mr Kanaya said, “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.’’

News Agency of Nigeria • September 7, 2024

Central Bank of Nigeria logo (Credit: CBN website)

The Central Bank of Nigeria said it has approved $20,000 each for eligible Bureaux De Change at the rate of N1,580 to a dollar.

This is according to a statement issued by the Acting Director,
Trade and Exchange Department of the apex bank, Dr Williams Kanaya.

He said, “This is to inform the 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 20,000 dollars to each eligible BDCs operator at the rate of N1, 580/dollar. This is to meet the demand for invisible transactions. 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. Eligible BDCs interested in this transaction are directed to make the naira payment to the CBN deposit account numbers with them.’’

He said that payment confirmation and necessary documentation for disbursement were to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the $20,000.00.

(NAN)

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