- Safiu Kehinde
In an effort to provide more liquidity into the market, the Central Bank of Nigeria has released $20,000 each to Bureau De Change operators.
This was disclosed in a statement issued by CBN’s Acting Director of Trade and Exchange Department, W.J Kanya.
As contained in the statement, the apex bank approved the sale of $20,000 each to eligible BDC at the rate of N1580 per dollar.
However, the apex bank stressed that BDC are not to sell to eligible customers above 1% price margin.
Meanwhile, the disbursement is only limited to Abuja, Lagos, Awka, and Kano.
“This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market.
The statement read in part; “To this end, the CBN has approved the sale of US$20,OOO.OO to each eligible BDC at the rate of NI,580/$. 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 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,OOO.OO.”