The Central Bank of Nigeria (CBN) has announced that it will sell $20,000 to each Bureau De Change (BDC) at a rate of N1,450 per dollar. This rate is based on the lowest trading rate from the previous day.
Aliyu Mahdi, the Acting Director of Trade and Exchange at the CBN, explained that the bank has noticed ongoing problems in the market. These issues are affecting the official exchange rate and causing a larger gap between official and parallel market rates.
To fix this, the CBN has decided to sell foreign currency to approved BDCs to help with transactions that are not for trading or business purposes.
All BDCs are required to sell the currency to their customers at a price that is no more than 1.5% higher than the rate they paid to the CBN.
The CBN has instructed BDCs to pay in naira to the CBN’s account and send proof of payment along with other required documents to its offices in Abuja, Akwa, Kano, and Lagos.
