The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to each Bureau De Change (BDC) operator at an exchange rate of N1,580 per dollar, aiming to increase forex liquidity and meet the growing market demand.

The announcement was made in a statement signed by Dr. W.J. Kanya, Director of the Trade & Exchange Department.

The CBN also stated that BDCs are authorised to sell to eligible end-users at a maximum margin of 1% above the purchase rate of N1,580 per dollar.

Additionally, the bank directed interested BDC operators to make payments to their CBN deposit accounts.

The statement further clarified, “The CBN has approved the allocation of $20,000 to each qualified Bureau de Change at an exchange rate of N1,580 per dollar. This measure is intended to address the demand for invisible transactions.”

“BDCs are allowed to sell to eligible end-users at a margin not exceeding one percent above the rate at which they purchase from the CBN.”