VERY sick Naira: CBN sells $20k to BDC operators at N1,590/$

The Central Bank of Nigeria (CBN) has announced the sale of $20,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,590/$.

In a circular to all Bureau De Change operators dated September 25, 2024, the apex bank said the forex would provide “additional liquidity to this segment of the foreign exchange market”.

The circular was signed by CBN’s Acting Director of Trade and Exchange Department, W.J. Kanya.

Kanya said, “To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.

“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.

Eligible BDCs interested in this transaction are directed to make the naira payment to the CBN deposit account numbers with them.

“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Akwa, Kano and Lagos for collection of the $20,000.”