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The Central Bank of Nigeria (CBN) has announced the approval of $20,000 for each eligible Bureau De Change (BDC) at an exchange rate of ₦1,580 per dollar.
According to Dr. Williams Kanaya, Acting Director of the Trade and Exchange Department at CBN, this measure aims to inject more liquidity into the market and meet the demand for invisible transactions. Eligible BDC operators are instructed to make naira payments to designated CBN deposit accounts and submit payment confirmations and required documentation at CBN branches in Abuja, Awka, Kano, and Lagos to collect the funds.
All BDCs are permitted to sell to eligible end-users with a margin not exceeding one percent above the CBN purchase rate.