CBN sells $20,000 at 1,580/$ to BDCs

Abdullateef Fowewe

The Central Bank of Nigeria has declared the sale of $20,000 at 1,580/$ to Bureau De Change operators.

The BDCs according to a circular Dailyeconomy obtained from CBN are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

The circular reads, “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. 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.

“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.”

The CBN’s current intervention comes days after the naira has been dropping at the official and parallel market where it depreciated to 1,670/$ on Friday.

Dailyeconomy on August 25, reported that the CBN July 2024 Business Expectations Survey revealed that Insecurity, high interest rates, insufficient power supply, and high/multiple taxes were major challenges faces by businesses.