The recent move by the Central Bank of Nigeria involves the sale of dollars to Bureau De Change operators. According to a statement from the bank’s Acting Director of Trade and Exchange Department, Dr W. J Kanya, the decision aims to inject more liquidity into the market. The intervention follows a decline in the value of the Nigerian naira in both official and parallel markets, dropping to about 1,670/$. The CBN approved the sale of US$20,000.00 to each eligible BDC at a rate of N1,580/$ for invisible transactions. BDCs can sell to eligible end-users at a margin not exceeding one percent above the CBN’s purchase rate, with instructions for Naira payment to the CBN provided to interested BDCs.
CBN sells $20,000 to BDCs at 1,580
