This is the seventh attempt by the CBN to sell FX to BDCS after a prolonged period of suspension in 2021. The ban was lifted earlier in the year, following the revocation of licenses of over 4173 BDC operators.
Acting Director of Trade and Exchange Department, CBN, Dr W. J Kanya, said in a statement on Wednesday that the sales will help operators meet retail market demand for eligible invisible transactions.
On Tuesday, the naira dropped in value against the dollar to N1,658.48 in the Nigerian Autonomous Foreign Exchange, while at the parallel market, BDC operators sold at the rate of 1670/dollar.
The statement read, “This is to inform the Bureau De Change Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$. This is to meet the demand for invisible transactions.”
The CBN, however, warned that operators must not sell above one percent of the purchase rate, meaning that the BDCs cannot make more than N15.59 profit on each dollar they sell.
“All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent above the purchase rate from CBN.
“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.
“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 $20,000.00. Please be guided accordingly,” the statement added.
