CBN Provides Additional Liquidity to BDCs for Invisible Transactions
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has announced that it will be providing additional liquidity to Bureau De Change (BDC) operators to meet the demand for eligible invisible transactions.
In a circular issued on Wednesday, the Trade and Exchange Department of the CBN stated that it has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$.
BDCs are allowed to sell this foreign exchange to eligible end-users at a margin of no more than one percent (1%) above the purchase rate from the CBN.
To participate in this transaction, eligible BDCs are required to make the Naira payment to the designated CBN Deposit Account Numbers. Payment confirmation and supporting documentation must be submitted to the appropriate CBN Branches in Abuja, Awka, Kano, or Lagos.
This move by the CBN is expected to help alleviate pressure on the foreign exchange market and ensure that there is sufficient liquidity to meet the needs of individuals and businesses requiring foreign currency for eligible invisible transactions.
