CBN allocates $20,000 to BDC operators at N1,580 rate

The Central Bank of Nigeria (CBN) has approved a $20,000 allocation for each qualified Bureau De Change (BDC) at a rate of N1,580 per dollar. This move aims to inject additional liquidity into the market.

Dr. Williams Kanaya, Acting Director of the CBN’s Trade and Exchange Department, announced the decision in a statement. He explained that the allocation is intended to address the demand for invisible transactions.

“Eligible BDC operators will receive $20,000 each at the rate of N1,580 per dollar. These operators are permitted to sell to eligible end-users with a maximum margin of one percent above the purchase rate,” Kanaya said.

Interested BDCs must make Naira payments to their designated CBN deposit accounts and submit payment confirmations along with required documentation to CBN branches in Abuja, Awka, Kano, and Lagos for the disbursement of funds.