The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to eligible Bureau de Change operators at an exchange rate of N1580.
This announcement was made on Friday in a notice signed by Dr W. J. Kanya, Acting Director of the CBN’s Trade and Exchange Department.
The bank also stated that all Bureaux de Change are permitted to sell to eligible end-users with a margin no greater than 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.
The Naira’s value fell to N1665 against the dollar on Friday at the black market, a decrease from N1660 the previous day. However, the official market experienced a significant rise in the country’s currency, reaching N1593.32 per dollar on Friday.