WorldStage Newsonline– Central Bank of Nigeria (CBN) has made a move to sell of $20,000 each to all eligible Bureau De Change (BDGs) in order to meet all retail market demand for eligible invisible transactions.
CBN in a notice signed by A.A Mahdi for acting Director, Trade & Exchange Department to the BGCs and the public on Thursday said the foreign exchange intended to meet retail market demand for eligible invisible trnasactions will be sold at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).
The notice said, “following the on-going reforms in the foreign exchange market, with the objective of achieving an appropriate market determined exchange rate for the Naira, the CBN has observed the continued distortions in the retail end of the market, which is feeding into the Parallel market and furthet widen the exchange rate premium.
“To this end, the CBN has approved the sales of FX to eligible BDGs to meet the demand for invisible transactions.”
The notice said all BDCs were allowed to sell to eligible end users at a magin not more than 1.5% above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the listed CBN naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches (Abuja, Awka, Kano and Lagos,” the notice said.
