The Central Bank of Nigeria (CBN) announced that it has sold $20,000 to eligible Bureau De Change (BDC) operators at an exchange rate of ₦1590 per dollar to help alleviate the ongoing foreign exchange crisis in the country.
This development was detailed in a circular signed by W. J. Kanya, the Acting Director of the Trade and Exchange Department, on Wednesday.
The CBN stated that the move aims to provide liquidity to the foreign exchange market and meet retail demand for eligible invisible transactions such as personal and travel allowances, medical bills, and school fees.
The CBN also directed BDCs to maintain a margin of no more than one percent above the purchase rate when selling to the public.
The bank added that eligible BDCs must make the required naira payments into the CBN Deposit Accounts and submit necessary documentation at designated CBN branches for the disbursement.
This intervention follows the naira’s sharp depreciation in recent days, with the currency trading at ₦1667.42 at the official market and ₦1705 in the parallel market on Wednesday.
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