The Central Bank of Nigeria (CBN) has reviewed and approved the sale of foreign exchange (FX) to qualified bureau de change (BDC) operators at a rate of ₦1,590 per dollar.

Naija News understands that the latest action is aimed at addressing the demand for invisible transactions.

In a circular issued yesterday, titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,’ the CBN announced that it will provide $20,000 at the rate of ₦1,590 per dollar to each BDC.

The announcement was signed by the acting director of the trade and exchange department, W.J. Kanya.

The apex bank stated: “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.

“To this end, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.”