The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at N1,450 per dollar to meet the demand for invisible transactions.
In a statement on Thursday signed by A.A Mahdi, CBN’s acting
director of trade and exchange department, the apex bank said it has observed
the continued distortions in the retail end of the market, which is feeding
into the parallel market and further widening the exchange rate premium.
“Following the on-going 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,” CBN said.
“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 $20,000
is to be sold to each BDC at the rate of N1,450/$ (representing the lower band
of the trading rate at NAFEM in the previous trading day).”
According to the apex bank, all BDCs are allowed to sell to
eligible end-users at a margin not more than 1.5 percent above the purchase
rate from CBN.
The financial regulator instructed all eligible BDCs to make
naira payments to CBN’s naira deposit account numbers and submit confirmation
of payment with other necessary documentation for disbursement at the
appropriate CBN branches in Abuja, Akwa, Kano and Lagos.
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