According to the bank, BDCs are permitted to sell to qualified end users at a margin that is no greater than 1% over the CBN purchase rate.

The Nigerian Central Bank has declared that it has sold $20,000 to Bureau De Change operators.

The apex bank made this announcement on Friday in a statement that was signed by Dr. W. J. Kanya, the acting director of the trade and exchange department.

The central bank’s most recent action occurs a few days after the Nigerian naira began weakening on the official and black markets, where it fell to roughly 1,670/$ on Friday.

“This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market,” the circular stated in part.

In light of this, the CBN has authorised the sale of US$20,000.00 at a rate of N1,580/$ to each BDC that qualifies. This satisfies the need for transactions that are invisible.

According to the bank, BDCs are permitted to sell to qualified end users at a margin that is no greater than 1% over the CBN purchase rate.

It was urged to eligible BDCs interested in this transaction to pay the CBN in Naira.