The Central Bank of Nigeria (CBN) announced that it offered foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar.
A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, announced this in a notice on Thursday.
According to the announcement, the CBN has permitted FX sales to qualifying Bureau De Change (BDCs) to accommodate demand for invisible transactions. S$20,000 will be sold to each BDC at a rate of N1,450/$ (matching the lowest range of the previous trading day’s NAFEM trading rate).
“All BDCs are allowed to sell to eligible end-users at a margin not more than one point five per cent (1.5%) above the purchase rate from CBN.”
The development caused the naira to appreciate sharply on Thursday, rising to N1,565 per dollar on the black market from N1,615.
Similarly, the naira rose to N1,566.92 in the official FX market on Thursday, according to FMDQ statistics.
 announced that it offered foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar.){kind=link}