CBN HAS APPROVED FIXED RATE OF FOREIGN EXCHANGE TO ELIGIBLE BUREAU DE CHANGE OPERATORS

The Central Bank of Nigeria (CBN) says it has approved the sale of foreign exchange (FX) to eligible Bureau de Change (BDC) operators at one thousand four hundred and fifty Naira to a dollar.

The apex bank said the sum of twenty thousand dollars is to be sold to each BDC at the rate of one thousand four hundred and fifty Naira to a dollar representing the lower band of the trading rate at NAFEM in the previous trading day.

According to a statement on Thursday, by the CBN’s Acting Director in Charge of Trade and Exchange Departments, Aliyu Mahdi, the apex bank has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

According to the apex bank, all BDC operators are allowed to sell to eligible end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

The financial regulator instructed all eligible BDCs to make Naira payments to CBN’s Naira deposit account numbers and submit confirmation of payment with other necessary documentation for disbursement at its branches in Abuja, Akwa, Kano and Lagos.

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