CBN approves $20,000 for eligible BDCs at N1,580 exchange rate

• The move is to meet the demand for invisible transactions
  

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The Central Bank of Nigeria (CBN) says it has approved 20,000 dollars each for eligible Bureau de Change (BDCs) at the rate of N1,580 to a dollar.

This is according to a statement issued by Dr Williams Kanaya, the acting director, Trade and Exchange Department of the apex bank.

“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 BDC operators 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.

He 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.