“Following the ongoing reforms in the Foreign Exchange Market. With the objective of achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widen the exchange rate premium.
To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.“The sum of US$20,000 is to be sold to each BDC at the rate of N1,450/$, which is the lower band of the trading rate at the official NAFEM in the previous trading day.”
All BDCs are allowed to sale to eligible to end-users at a margin not MORE THAN ONE one point five percent (1.5%) above the CBN purchase rate.
All eligible BDCs are directed to make the Naira payment to the listed CBN Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches (ABUJA, AWKA, KANO and LAGOS)
The statement signed by the A.g. Director of Trade and Exchange Department A. A Mahdi said,”.
