The Central Bank of Nigeria (CBN) has announced it will restart dollar sales to Bureau de Change (BDC) operators to address ongoing issues in the foreign exchange market.
In a circular from A.A. Mahdi, Acting Director of the Trade and Exchange Department, the CBN outlined its goal of achieving a more stable Naira exchange rate. The bank noted persistent market distortions affecting the retail sector, which are impacting the Parallel market and increasing the exchange rate gap.
Under the new rules, eligible BDCs can purchase up to $20,000 at a fixed rate of N1,450 per dollar, based on the lower end of the previous day’s Nigerian Autonomous Foreign Exchange (NAFEX) rate.
BDCs are allowed to sell dollars to eligible users with a margin of up to 1.5 percent above the CBN’s purchase rate.
BDCs must make payments in Naira to designated CBN accounts and provide receipts for distribution at specified branches in Lagos, Akwa, Kano, and Abuja.
