The Central Bank of Nigeria (CBN) has approved the sale of 20,000 dollars apiece to valid Bureau De Change operators at the N1580 exchange rate.
W Kanya, acting director of the CBN’s Trade and Exchange Department, signed a notice on Friday with this information.
The apex bank said all BDCs are allowed to sell to approved end users at a margin of no more than one percent above the acquisition rate.
“This is to meet the demand for invisible transactions”, the central bank remarked.
“Eligible BDCs interested in this transaction are instructed to make the Naira payment to the CBN Deposit Account Numbers provided.
“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches – (ABUJA, AWKA, KANO and LAGOS) for collection of the USS20,000.00”, according to the statement.
This is as the Naira plunged to N1665 against the dollar in the parallel market on Friday from N1660 on Thursday.
The nation’s currency, however, appreciated strongly to N1593.32 to a dollar in the official market on Friday.
 has approved the sale of 20,000 dollars apiece to valid Bureau De Change operators at the N1580 exchange rate.){kind=link}