The Central Bank of Nigeria (CBN) has notified the general public of the sales of Foreign Exchange to BDC to meet retail market demand.
The apex bank stated thus:
“Following the ongoing reforms in the foreign exchange market, with the objective of achieving an appropriate market-determined exchange rate for the naira, the Central Bank of Nigeria has observed the continued distortions in the retail end of the market.
“To this end, the CBN has approved the sale of FX to eligible Bureau de Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450 (representing the lower band of the trading rate at NAFEM in the previous trading day).”
All BDCs are allowed to sell to eligible end-users at a margin not more than 1.5% above the purchase rate from CBN.