CBN approves $20,000 for eligible BDCs at N1,580 per dollar

Central Bank of Nigeria (CBN), has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar.

This was contained in statement issued by the Acting Director,
Trade and Exchange Department of CBN, Dr Williams kanaya, at the weekend in Abuja.

The statement reads:

“This is to inform the BDC operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDCs operator at the rate of                    N1, 580/dollar. This is to meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent 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,” he said.

Kanaya said that payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano and Lagos for collection of the 20,000.00 dollars.

Author: Maureen Ikpeama