The Central Bank of Nigeria (CBN) has approved the sale of $20,000 to eligible Bureau De Change (BDC) operators at an exchange rate of ₦1,580 per dollar.
This was confirmed in a notice issued on Friday by W. Kanya, the Acting Director of the CBN’s Trade and Exchange Department.
According to the CBN, BDC operators are allowed to sell the dollars to end-users at a margin of no more than 1% above the purchase rate. This initiative is aimed at meeting the demand for invisible transactions, such as personal travel allowances, medical bills, and school fees.
Eligible BDC operators are required to make the necessary Naira payment to the CBN Deposit Account Numbers assigned to them.
After payment confirmation, they must submit the required documentation to the CBN branches in Abuja, Awka, Kano, or Lagos to collect the $20,000.
Meanwhile, the naira appreciated significantly against the dollar at the official market on Friday.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.