The Central Bank of Nigeria (CBN) has announced the approval of foreign exchange (FX) sales to eligible Bureau De Change (BDC) operators at the rate of N1,450 per dollar. This move aims to address the demand for invisible transactions and mitigate distortions in the retail market that contribute to parallel market discrepancies.
In a statement signed by A.A Mahdi, the acting director of CBN’s trade and exchange department, the apex bank highlighted ongoing reforms in the FX market aimed at achieving a market-determined exchange rate for the Naira. The approved rate of N1,450/$ represents the lower band of the trading rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) from the previous trading day.
Under the new directive, each BDC is authorized to purchase $20,000 from the CBN at the specified rate, with a margin not exceeding 1.5 percent above the purchase rate. CBN instructed all eligible BDCs to make naira payments into designated CBN accounts and provide necessary documentation for disbursement at specified CBN branches in Abuja, Akwa, Kano, and Lagos.
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