Central Bank Allocates $20,000 to BDCs at N1,580 Rate

The Central Bank of Nigeria (CBN) allocates $20,000 to BDC operators at N1,580 per dollar, impacting forex supply amid currency fluctuations.

To infuse more liquidity into the market, the Central Bank of Nigeria (CBN) has sanctioned a $20,000 allotment for every eligible Bureau De Change (BDC) at an exchange rate of N1,580 per dollar.

The decision was announced by Dr. Williams Kanaya, who currently holds the position of Acting Director in CBN’s Trade and Exchange Department, through a statement.

The primary purpose behind allocating funds is to cater to the requirement of invisible transactions as explained by him.

Read Also: BREAKING: CBN Reportedly Fires NIRSAL MD, Directors

According to Kanaya, BDC operators who meet the requirements will be granted $20,000 each at a conversion rate of N1,580 per US dollar.

Additionally, they are authorized to sell exclusively to qualified end-users and may only charge up to one percent above the buying price.

To access the funds, BDCs who are interested must pay in Naira to their allocated CBN deposit accounts and provide confirmation of payment alongside necessary documents at any of CBN’s branches situated in Abuja, Awka, Kano or Lagos.