CBN sells $20,000 to Bureau De change at new rate as naira falls
Story from Jane AISO
The Central Bank of Nigeria (CBN) has announced it will sell $20,000 each to eligible Bureau De Change (BDC) operators at a new rate of N1,580 to a dollar.
This decision is aimed at increasing liquidity in the forex market and addressing the recent depreciation of the naira.
Dr. Williams Kanaya, the Acting Director of the Trade and Exchange Department at the CBN, stated that the sale is intended to meet the demand for invisible transactions and improve market conditions.
“We are providing more liquidity into the market to address the demand for foreign exchange, especially for invisible transactions,” Kanaya said.
Under the new arrangement, BDCs are allowed to sell the dollars to eligible end-users with a maximum margin of 1% above the rate at which they purchased from the CBN.
The CBN has directed BDCs to make Naira payments to the bank’s designated deposit accounts and submit the necessary documentation at CBN branches located in Abuja, Awka, Kano, and Lagos.
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This new rate marks an increase from the previous rate of N1,450 per dollar set in July. The move reflects the CBN’s ongoing efforts to stabilise the naira and ensure a steady supply of foreign exchange in the market.
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