Business, Featured
By Anthony Isibor
FOLLOWING the on-going reforms in the foreign exchange market, the Central Bank of Nigeria, CBN, has approved the sale of $20,000 to each eligible Bureau De Change, BDC, operators at the rate of N1,450/$.
According to a circular by the Trade and Exchange Department of the CBN, with reference number TED/FEM/PUB/FPC/001/024, and signed by A.A Mahdi, the decision became necessary to ensure that demand for invisible transactions are met.
This is even as the CBN has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widen the exchange rate premium., it said.
It noted that all the BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one point five percent (1.5 %) above the purchase rate from the CBN.
To this end, “all eligible BDCs are directed to make the Naira payment to the listed CBN Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CB Branches – (ABUJA, AWKA, KANO and LAGOS)”
Realnews reports that the decision is expected to help achieve an appropriate market determined exchange rate for the Naira.
A.I
July 19, 2024 @ 06:45 GMT|
Tags: A.A Mahdi CBN
