…The CBN says all BDCs are allowed to sell to end-users at a margin ”not more than one percent (1%) above the purchase rate from CBN.
TUE, FEB 27 2024-theGBJournal| The Central Bank of Nigeria (CBN) on Tuesday approved the sale of foreign exchange to ”eligible” Bureau De Change (BDCs) operators in the country , ”to meet the demand for invisible transactions.”
The move is part of the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira.
According to the apex bank, the sum of $20,000 is to be sold to each BDC at the rate of N1,301/$-(representing the lower band rate of executed spot transactions at the NAFEM for the previous trading day, as at today, 27th February 2024).
The CBN says all BDCs are allowed to sell to end-users at a margin ”not more than one percent (1%) above the purchase rate from CBN.
The CBN also directs all BDCs to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN Branches-in Abuja, Awka, Lagos and Kano.
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