Regulatory Alerts2024-09-25 | TED/FEM/PUB/FPC/001/028Sales of Foreign Exchange to BDCs to meet Retail Market Demand for Eligible Invisible Transactions
The Central Bank of Nigeria (CBN) is providing additional liquidity to the foreign exchange market by offering US$20,000 to eligible Bureau De Change (BDC) Operators at a set rate. BDCs can then sell to end-users at a rate not exceeding one percent above the purchase rate from CBN. Interested BDCs must make payments to the CBN and submit documentation at designated branches for the disbursement of funds.
TED/FEM/PUB/FPC/001/028 September 25, 2024
TO: ALL BUREAU DE CHANGE OPERATORS AND THE GENERAL PUBLIC
SALES OF FOREIGN EXCHANGE TO BDCs TO MEET RETAIL MARKET DEMAND FOR ELIGIBLE INVISIBLE TRANSACTIONS
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, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.
All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN.
Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches - (ABUJA, AWKA, KANO and LAGOS) for collection of the US$20,000.00.
Please be guided accordingly.
DR. W. J. KANYA Ag. DIRECTOR TRADE & EXCHANGE DEPARTMENT