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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.

(NAN)

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