FX liquidity: CBN approves additional $20,000 to eligible BDCs

The Central Bank of Nigeria (CBN) says it has provided additional 20,000 dollars each to eligible Bureau de Change at an exchange rate of N1,590.

This is to further boost foreign exchange liquidity.

Dr Wiliam Kanaya, CBN’s Acting Director, Trade and Exchange Department, said this in a statement on Wednesday in Abuja.

Kanaya said that said that the BDCs are allowed to sell to eligible end-users at a margin of not more than one per cent above the purchase from the CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment the CBN deposit account numbers with them.

“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos.,’’ he said.