The Central Bank of Nigeria (CBN) has announced plans to inject more dollars into the market through Bureau De Change (BDC) operators in a bid to address the naira’s recent decline.
The development was revealed in a statement signed by Dr. W. J. Kanya, the Acting Director of Trade and Exchange Department, on Friday.
This intervention comes at a time when the naira has depreciated significantly, trading at approximately N1,670/$ on both the official and parallel markets as of Friday.
The circular from the apex bank stated: “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market. To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”
The CBN also noted that BDCs are permitted to sell to end-users at a margin not exceeding one percent above the purchase rate. Eligible operators interested in participating in this transaction have been advised to make the necessary naira payments to the central bank.
