CBN boosts liquidity, sells forex to BDCs at N1,590/$

Nike Popoola

The Central Bank of Nigeria has again sold forex to eligible Bureau de Change ((BDC) operators at the rate of N1,590/$.

It said in a statement signed by the Ag Director, Trade & Exchange Department, Dr. W.J Kanye, to Bureau De Change (BDC) operators and the general public titled, “Sales of foreign exchange to BDCs to meet retail market demand for eligible invisible transactions’ on Wednesday.

The statement said, “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN wil be providing additional liquidity to this segment of the foreign exchange market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.”

It added that, “All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) 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.

“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 US$20,000.00.

Please be guided accordingly.”