The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to eligible Bureau De Change operator across the country.
This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, W. J Kanya, on Wednesday.
It said the sales will help operators meet retail market demand for eligible invisible transactions. The latest intervention of the central bank comes hours after the Nigerian naira dropped in value against the dollar to N1,658.48 in the Nigerian Autonomous Foreign Exchange on Tuesday.
At the parallel market, bureau de change operators sold at the rate of 1670/dollar. The statement read, “This is to inform the Bureau De Change Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“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.” The CBN, however, warned that operators must not sell above one percent of the purchase rate.
