CBN approves sales of $20, 000 to BDCs to meet demand for eligible invisible transactions

Central Bank of Nigeria has approved sales of $20,000 to DBC for disbursement to foreign exchange end users for purpose of meeting demand for eligible invisible transactions. The apex bank in a circular said “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market. To this end, the CBN has approved the sale of $20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.

All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) 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. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches – (ABUJA, AWKA, KANO and LAGOS) for collection of the U S $ 2 0 , 0 0 0 . 0 0 .”