By Tochukwu Bliss, Abuja
The Central Bank of Nigeria (CBN), yesterday, announced the sale of foreign exchange (FX) worth $20,000 to eligible Bureau De Change (BDC) operators across the country at a rate of N1,590/$1.
This, it said, is to provide additional liquidity to the retail foreign exchange market and meet the demand for invisible transactions.
A circular signed on Wednesday by the Ag. Director, Trade and Exchange Department, Dr. W. J. Kanya, directed that all BDCs are allowed to sell to all eligible end-users at a margin of “Not more than 1%” above the purchase rate from CBN.
Also, BDCs interested in this transaction were advised to make Naira payment to the CBN Deposit Account Numbers with them.
Additionally, “Payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches $20,000.00. (Abuja, Awka, Kano and Lagos) for collection.”
This is the seventh attempt by the CBN to sell FX to BDCs after a prolonged suspension in 2021, and with 1,583 approved BDC operators,about $31.66 million may be injected into the retail end of the market.
The CBN had revoked licenses of over 4,173 BDC operators in February, asking them to apply for fresh licences.
BDCs interested in this transaction were advised to make Naira payment to the CBN Deposit Account Numbers with them.
