Saturday, May 25, 2024

FX Liquidity: CBN approves sale of additional $10,000 each to 1,583 BDCs

The apex bank had earlier, on April 8, approved the sale of $10,000 to 1,588 eligible BDCs at the rate of N1,101 to the dollar.

• April 23, 2024
Naira and Dollars
Bureau De Change

The Central Bank of Nigeria has approved the sale of an additional $10,000 to 1,583 eligible bureaux de change across the country to meet market demands.

The CBN’s director of trade and exchange, Hassan Mahmud, announced this in a letter addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday in Abuja.

Mr Mahmud said the CBN would sell to the BDCs at N1,021 to a dollar.

“The BDCs are, in turn, to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price,” the letter said.

He directed all eligible BDCs to commence payment of Naira deposit to some designated CBN Naira deposit account numbers.

The CBN letter added, “All BDCs are advised to continue to abide by the rules and conditions as stipulated in our earlier operational guidelines.”

The apex bank had earlier, on April 8, approved the sale of $10,000 to 1,588 eligible BDCs at the rate of N1,101 to the dollar.

The approval is part of CBN’s intervention in the foreign exchange market to improve liquidity and stabilise the naira.


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”


Hansi Flick favourite to takeover Barcelona job following Xavi’s dismissal

He has been out of job since he was sacked as the manager of the German national team in 2023.



Plateau lawmaker solicits support for rainstorm victims

Residential houses and a church were affected by the rainstorm.

President Bola Tinubu


Nigeria no longer printing money, deceiving itself under my watch: Tinubu

“Nigeria went through terrible labour pains, but we have seen the baby coming out alive,” the President concluded.

Nigerian policemen at a checkpoint


Imo CP condemns alleged corruption within Nigerian police

According to him, Nigerians are no longer satisfied with the overall conduct and character of policemen in the country.

Rivers Governor Siminalayi Fubara

Port Harcourt

Gov. Fubara flags off N6.7 billion Okania-Ogbogoro road project

The governor said it would be completed and inaugurated in the next five months.