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Central Bank of Nigeria Injects Liquidity into Market by Approving Dollar Sales for Bureaux De Change Operators
The Central Bank of Nigeria (CBN) has taken steps to boost the country’s financial market by approving the sale of $20,000 each to eligible Bureaux De Change (BDC) operators at the rate of N1,580 to a dollar. This decision was announced in a statement issued by Dr. Williams Kanaya, the acting director of the Trade and Exchange Department.
According to Kanaya, the move is aimed at providing more liquidity into the market and meeting the demand for invisible transactions. Under this initiative, eligible BDCs are allowed to sell dollars to end-users at a margin not more than one percent above the purchase rate from the CBN.
To participate in this program, eligible BDCs must make the Naira payment to the CBN deposit account numbers provided, and then submit payment confirmation and necessary documentation for disbursement at CBN branches in Abuja, Awka, Kano, and Lagos to collect their $20,000.
This development comes as a welcome relief for BDC operators and their customers, who have been facing difficulties in accessing foreign exchange. The CBN’s initiative is expected to increase liquidity in the market, stabilize the exchange rate, and make it easier for people to conduct business and trade internationally.
It remains to be seen how this decision will impact the Nigerian economy, but the CBN’s efforts to inject more liquidity into the market are likely to have a positive effect on trade and commerce.
