By Seyi Babalola
The Central Bank of Nigeria (CBN), on Tuesday, February 27, approved the sale of foreign exchange to eligible Bureau De Change (BDCs) operators to meet the demands for invisible transactions.
This was made known by the Special Assistant to the President on Social Media, Dada Olusegun, via his X handle.
He wrote: “The #cenbank has resumed sale(s) of FX to bureau de change operators as part of moves to widen liquidity”
Part of the statement reads: “To this end, the CBN has approved the sales of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1.30/$ – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.”
Source: X | Dolusegun16
