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 N1,590 per dollar, aimed at meeting the demand for invisible transactions such as personal travel allowances, business travel allowances, and other retail market needs.
In a circular signed by W.J. Kanya, the acting director of the Trade and Exchange Department, the CBN announced it would provide $20,000 to each eligible BDC at the specified rate. The bank emphasized that BDC operators are permitted to sell to end-users at a margin of no more than one percent above the purchase rate from the CBN.
This move is intended to inject additional liquidity into the foreign exchange market, helping to stabilize the naira by addressing retail FX demands. Interested BDCs are required to deposit the necessary naira funds into designated CBN accounts for the purchase of dollars.
