CBN's Approval of $20,000 for Eligible BDCs at ₦1,580 per Dollar
Saturday, 7 September 2024, 00:58
CBN's Decision to Approve $20,000 for BDCs
The Central Bank of Nigeria (CBN) has officially approved $20,000 for eligible Bureau De Change (BDC) operators at a rate of ₦1,580 per dollar. This decision aims at ensuring better liquidity and accessibility of foreign exchange for BDCs, an essential aspect of the forex market.
Key Requirements for Eligible BDCs
- Eligible BDCs must complete their naira payments to the provided CBN deposit account numbers.
- Application must follow the guidelines set forth by the CBN.
- Documentation and compliance with all regulatory standards are mandatory.
Implications of the CBN's Decision
This move is expected to bolster foreign exchange transactions among BDCs, enhancing the overall stability of the currency market. By providing this support, the CBN is positioning BDC operators to meet the demands of consumers effectively.
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.