CBN approves sales of Dollar to legible BDC operators at N1580 rate

The Central Bank of Nigeria has approved the sale of 20,000 Dollar each to legible Bureau De Change operators at N1580 exchange rate.

This was contained in a notice on Friday signed by CBN acting director, Trade and Exchange Department, W Kanya.

The apex bank noted that All BDCs are allowed to sell to eligible end-users at a margin not more than 1 percent above the purchase rate.

“This is to meet the demand for invisible transactions”, CBN stated.

“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 USS20,000.00”, the statement added.

This comes as the Naira fell to N1665 against the dollar at the black market on Friday from N1660 exchanged the previous day.

However, the country’s currency appreciated significantly to N1593.32 per dollar at the official market on Friday.