CBN Announces Sale of Dollars to Bureau De Change Operators Amidst Naira Depreciation
Abuja, Nigeria — The Central Bank of Nigeria (CBN) has announced a new intervention to stabilize the naira by selling U.S. dollars to Bureau De Change (BDC) operators. This was disclosed in a statement issued on Friday by the Acting Director of the Trade and Exchange Department, Dr. W. J. Kanya.
The CBN’s decision comes in response to the recent sharp depreciation of the naira, which has plummeted to approximately N1,670 per dollar on both the official and parallel markets. The intervention aims to inject more liquidity into the market and ease the growing demand for foreign currency.
The statement from the CBN reads, “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 bank also clarified that BDC operators are permitted to sell dollars to eligible end-users at a margin of no more than one percent above the purchase rate from the CBN. Interested BDCs are required to make the necessary naira payments to the CBN to participate in this transaction.
This move by the CBN is part of its broader efforts to stabilize the naira and ensure adequate supply of foreign currency for legitimate transactions in the face of ongoing economic challenges.