CBN Sets Dollar Sale Rate for BDCs in Nigeria at N1,580/$
The Central Bank of Nigeria (CBN) has authorized the sale of dollars to bureau de change (BDC) operators at a rate of N1,580 per dollar.
In a circular issued on Friday, September 6, and signed by W.J. Kanya, acting director of the Trade and Exchange Department, the CBN announced that each BDC can purchase up to $20,000 in foreign exchange (FX).
The circular specifies that BDCs are allowed to sell FX to eligible end-users with a margin no greater than 1 percent above the CBN’s purchase rate.
BDC operators are required to make their naira payments to designated CBN deposit account numbers. The circular stated:
“This is to inform Bureau De Change (BDC) Operators and the general public that we are injecting more liquidity into the market. Accordingly, the CBN has approved the sale of $20,000 to each eligible BDC at the rate of N1,580 per dollar.
“This measure is intended to meet the demand for invisible transactions. Payment confirmation and all necessary documentation for disbursement should be submitted to the appropriate CBN branches (Abuja, Awka, Kano, and Lagos) for collection of the $20,000.”