Regulatory Alerts2024-09-06 | TED/FEM/PUB/FPC/001/026Sales of Foreign Exchange to BDCs to meet Retail Market Demand for Eligible Invisible Transactions
The Central Bank of Nigeria is increasing foreign exchange liquidity in the market by offering to sell $20,000 USD to eligible Bureau De Change Operators at a set rate, with the aim of meeting demand for invisible transactions. BDCs are allowed to sell to end-users at a rate not exceeding 1% above the purchase rate from the CBN, and must submit payment confirmation and documentation to designated CBN branches for disbursement.