CBN:sells dollars to Bureau De Change operators at a rate of ₦1,590 per dollar.

The Central Bank of Nigeria (CBN) has authorized a new round of foreign exchange (FX) sales to eligible Bureau de Change (BDC) operators at a rate of N1,590 per dollar to address demand for invisible transactions.

In a circular titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,” signed by W.J Kanya, acting director of the trade and exchange department, the CBN announced the sale of $20,000 to each BDC at the rate of N1,590/$.

The apex bank said: “This is to notify Bureau de Change (BDC) operators and the general public that the CBN will be injecting additional liquidity into this segment of the foreign exchange market.”

The statement continued, “To this end, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,590 per dollar, specifically to meet the demand for invisible transactions.”

BDC operators are permitted to sell to eligible end-users with a maximum margin of 1% above the purchase rate from the CBN.

Eligible BDCs wishing to participate are required to make Naira payments to the designated CBN Deposit Account Numbers provided to them.