CBN resumes Dollar sales to BDCs amid Naira fall

The Central Bank of Nigeria (CBN) has resumed the sale of U.S. dollars to Bureau De Change (BDC) operators as part of efforts to stabilize the falling naira.

This was announced in a statement issued by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, on Friday.

The move comes in response to the naira’s rapid depreciation in both the official and parallel markets, where it plunged to approximately ₦1,670 per dollar.

The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.

“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”
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The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.