Victor EzejaThe Central Bank of Nigeria (CBN) has announced a fresh sale of US$20,000.00 to each eligible Bureau de Change (BDC) operator at N1,590 per dollar.
This was announced in a circular released Wednesday, 25 September, signed by Dr W. J. Kanya, acting Director, Trade & Exchange department, of the CBN.
Join our WhatsApp ChannelAccording to the circular, the CBN said it is part of efforts to boost liquidity in the foreign exchange market, especially the BDC segment.
The apex bank mandated BDCs to sell dollars obtained through this process at a margin of not more than 1 per cent.
The statement reads: “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.
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“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.”
The apex bank directed eligible BDCs interested in this transaction to make payment in naira to the CBN Deposit Account Numbers.
“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$20,000.00.”
This comes as the value of the naira continues to depreciate at the foreign exchange market. The naira trading at the FX market opened the on negative note as it fell to N1,562.66 per dollar on Monday, 23 September against Friday’s closing rate of N1541.52/$. It further depreciated to N1658.48/$ on Tuesday, and N1667.42/$ on Wednesday, at the official market, according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform.
READ ALSO: Naira Falls To N1,562.66/$ On Monday
The NAFEM data showed that dollar supply dropped. The FX turnover decreased by 39.6 per cent from $166.36 million on Tuesday to $100.47 million on Wednesday.
At the parallel market also known as the black market, the naira and dollar exchange rate has crossed the N1,700 mark, reaching a seven-month low. This is the lowest fall since 22 February 2024, when the dollar was quoted at the rate of N1,850/$ in the black market.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
