Regulatory Alerts2024-07-18 | TED/FEM/PUB/FPC/001/024Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions
The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau De Change (BDC) operators to address distortions in the retail market and curb the widening exchange rate premium in the parallel market. Each BDC will receive $20,000 at a rate of N1,450/$, with the directive that they sell to end-users at a margin not exceeding 1.5% above the CBN purchase rate. BDCs are instructed to make naira payments to designated CBN accounts and submit documentation for disbursement at specified CBN branches.
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