CBN Approves Dollar Sales To BDC Operators At ₦1,590

The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at a rate of ₦1,590 per dollar.

This decision is aimed at addressing the growing demand for invisible transactions in the market.

In a circular issued yesterday titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,’ the CBN announced its plan to provide $20,000 to each eligible BDC at the rate of ₦1,590 per dollar. The statement was signed by W.J. Kanya, the acting director of the trade and exchange department.

The CBN clarified its intentions, stating, “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.”

It further detailed the terms of the new policy: “To this end, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.”

Additionally, the CBN stated that all BDCs are allowed to sell to eligible end-users at a margin of no more than one percent (1%) above the purchase rate from CBN. The bank also instructed eligible BDC operators interested in this transaction to make the necessary Naira payments into the CBN Deposit Account Numbers assigned to them.

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