The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to eligible Bureau De Change (BDC) operators at an exchange rate of N1,580 per dollar.
This information was disclosed in a notice on Friday, signed by the CBN’s acting Director of the Trade and Exchange Department, W. Kanya.
The apex bank emphasized that all BDCs can sell to qualified end-users at a margin not exceeding 1% above the purchase rate.
“This is to meet the demand for invisible transactions”, CBN stated.
“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.
“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches – (ABUJA, AWKA, KANO and LAGOS) for collection of the USS20,000.00”, the statement added.
This follows a drop in the Naira, which fell to N1,665 against the dollar in the black market on Friday, down from N1,660 the previous day.
However, the country’s currency strengthened significantly, appreciating to N1,593.32 per dollar in the official market on Friday.
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