Alert: Central Bank of Nigeria Circular TED/DIR/CON/GOM/001/066

Sales of Foreign Exchange to Bureau De Change Operators to Meet Retail Demand for Eligible Invisible Transactions

Title: Sales of Foreign Exchange to Bureau De Change Operators to Meet Retail Demand for Eligible Invisible Transactions

Summary: Financial institutions are requested to sell foreign exchange to Bureau De Change operators to meet retail demand for eligible invisible transactions. Each BDC is approved to purchase $20,000 at the rate of N1,301/$ and sell to end-users at a margin not exceeding one percent above the purchase rate from CBN. BDCs are directed to make Naira payments to designated CBN Foreign Currency Deposit Naira Accounts and submit necessary documentation for disbursement at appropriate CBN branches in Abuja, Awka, Lagos, and Kano.

Posted on: Feb 27, 2024

Download: TED/DIR/CON/GOM/001/066