The Central Bank of Nigeria (CBN) has announced measures to provide more liquidity in the retail foreign exchange market. In a circular dated September 6, 2024, the CBN approved the sale of US$20,000 to each eligible Bureau De Change (BDC) at a rate of N1,580 per dollar. This move is aimed at meeting the demand for eligible invisible transactions.
All BDCs are permitted to sell to eligible end-users at a margin not exceeding 1% above the purchase rate from the CBN. Interested BDCs are instructed to make payment in Naira to CBN Deposit Account Numbers provided and submit necessary documentation for disbursement at designated CBN branches in Abuja, Awka, Kano, and Lagos.
The directive, signed by Dr. W.J. Kanya, Acting Director of the Trade & Exchange Department, is intended to ease foreign exchange access for invisible transactions while maintaining a controlled margin.