CBN sells dollars to BDCs at N1,580/$1

The Central Bank of Nigeria on Friday disclosed that it sold $20,000 to each Bureau De Change operator at a rate of N1,580 per US dollar.

The bank disclosed this in a circular addressed to all Bureau De Change operators in Nigeria and the general public.

In the circular, signed by the Acting Director of the Trade and Exchange Department, W. A. Kanya, the CBN also instructed each BDC to sell the dollars to eligible customers at a rate not exceeding one per cent above the purchase price.

“This is to inform the Bureau De Change (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 US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.

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“All BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one per cent (1%) above the purchase rate from CBN,” the statement read.

It directed all eligible BDCs interested in this transaction to make the Naira payment to the CBN Deposit Account Numbers with them and submit payment confirmation and all necessary documentation for disbursement at the appropriate CBN Branches — (ABUJA, AWKA, KANO and LAGOS) for collection of the $20,000.00.