CBN Allocates $20,000 to Eligible BDCs at N1580/$ to Meet FX Demand
Friday, 6 September 2024, 14:39
Details of CBN's Allocation to Bureau De Change Operators
The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to Bureau De Change (BDC) operators at an exchange rate of N1,580 per dollar. This initiative aims to improve forex liquidity and meet the rising demand in the currency market.
Guidelines for BDCs
- BDCs are to sell the funds to eligible end users within a margin of no more than 1% above the N1,580/$ rate.
- BDCs interested in participating must make payments to the CBN deposit accounts.
- The allocation aims to facilitate invisible transactions.
Statement from CBN
In a statement signed by Dr. W.J Kanya, Director of Trade & Exchange, the bank emphasized that this measure will significantly alleviate the demand for forex.
More updates will follow as the situation develops.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.