In a move to address the demand for invisible transactions, the Central Bank of Nigeria (CBN) has announced the sale of foreign exchange (FX) to qualified bureau de change (BDC) operators at a rate of ₦1,590 per dollar.
This new policy aims to provide additional liquidity to the foreign exchange market, according to the apex bank.
The CBN stated, “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“To this end, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.”
Eligible BDCs are required to sell to end-users at a margin of not more than one percent (1%) above the purchase rate from CBN. The CBN has also directed interested BDCs to make the Naira payment to the CBN Deposit Account Numbers with them.
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This new policy comes as the naira continues to struggle against the dollar, with the black market rate currently at ₦1,650/$.
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The CBN’s move is expected to help stabilise the foreign exchange market and address the demand for invisible transactions.
For now, the effectiveness of this policy remains to be seen. It is expected to have positive impact on the value of the Naira.
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