CBN Provides FX Liquidity: Sells $10,000 to 1,583 BDCs at N1,021 Rate
Written by Jerry Alomatu on April 23, 2024
The Central Bank of Nigeria has authorized the sale of an additional $10,000 to 1,583 eligible Bureaux De Change (BDCs) across the country to address market demands. Dr. Hassan Mahmud, Director of the Trade and Exchange Department at the CBN, conveyed this decision in a letter to the President of the Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday in Abuja.
Mahmud specified that the CBN would sell to the BDCs at the rate of N1,021 per dollar. “The BDCs are required to sell to eligible end users at a spread not exceeding 1.5 percent above the purchase price,” he explained.
He instructed all eligible BDCs to initiate payments of Naira deposits to designated CBN Naira deposit account numbers. “All BDCs are reminded to adhere to the regulations and conditions outlined in our previous operational guidelines,” Mahmud emphasized.
Earlier on April 8, the Central Bank had approved the sale of $10,000 to 1,588 eligible BDC operators at the rate of N1,101 to the dollar. These approvals are part of the CBN’s efforts to intervene in the foreign exchange market, aiming to enhance liquidity and stabilize the Naira.
Author: Jerry Alomatu
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