CBN Approves $20,000 Allocation for BDCs at N1,580 Exchange Rate

In a bid to enhance liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has approved the allocation of $20,000 each to eligible Bureau de Change (BDC) operators at an exchange rate of N1,580 per dollar. This strategic move is targeted at addressing the growing demand for invisible transactions within the market.

Dr. Williams Kanaya, the acting director of the Trade and Exchange Department, disclosed that BDC operators are permitted to sell to eligible end-users at a margin not exceeding 1% above the CBN’s purchase rate. He further emphasized that interested BDCs must make the necessary Naira payments to CBN deposit accounts and ensure all required documentation is submitted to the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the $20,000 allocation.

This initiative underscores the CBN’s commitment to stabilizing the Naira and ensuring a steady supply of foreign exchange in the market.