Nigeria: CBN Approves $20,000 for Eligible BDCs at N1,580 Exchange Rate

The Central Bank of Nigeria (CBN) has approved the allocation of $20,000 to each eligible Bureau de Change (BDC) operator at an exchange rate of N1,580 per dollar.

This was disclosed by Dr. Williams Kanaya, the acting director of the CBN’s Trade and Exchange Department, in an official statement.

“We are injecting additional liquidity into the market to address the demand for foreign exchange,” Kanaya said. “To this end, the CBN has approved the sale of $20,000 to eligible BDC operators at a rate of N1,580 per dollar to cater to invisible transactions.”

The statement further clarified that BDCs are allowed to sell to eligible end-users with a margin not exceeding one percent above the purchase rate from the CBN.

For BDCs interested in participating in this transaction, payments in Naira must be made to designated CBN deposit accounts. Payment confirmation and relevant documentation must be submitted to the appropriate CBN branches located in Abuja, Awka, Kano, and Lagos to facilitate the collection of the $20,000.

This initiative is part of the CBN’s efforts to ensure adequate foreign exchange liquidity and stabilize the market.