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CBN Approves Second Tranche of FX Sales to Bureau De Change Operators at N1,251 per US dollar

Abuja, Nigeria – In a significant development, the Central Bank of Nigeria (CBN) has issued a notice to the Association of Bureau De Change Operators Of Nigeria (ABCON) regarding the sales of foreign exchange (FX) to meet the retail market demand for eligible invisible transactions. This move comes as part of the CBN’s efforts to enhance liquidity in the foreign exchange market and support economic activities.

In a letter bearing the reference TED/DIR/CON/GOM/001/071, the CBN announced its approval of a second tranche of FX sales to eligible Bureau De Change (BDC) operators. The apex bank has authorized the sale of $10,000 to each BDC at an exchange rate of N1,251 per US dollar. The BDCs, in turn, have been directed to sell to eligible end users at a spread of no more than 1.5 percent above the purchase price.

To facilitate smooth transactions, all eligible BDC operators have been instructed to make the Naira payment to the specified CBN Naira Deposit Account Numbers before the close of business on Thursday, March 28, 2024. Additionally, BDCs are required to submit confirmation of payment, along with other necessary documentation, for disbursement at the appropriate CBN Branches.

The CBN has emphasized that any violation of the aforementioned terms will result in appropriate sanctions, including outright suspension from further participation in the FX sales. This stern warning underscores the CBN’s commitment to maintaining transparency, fairness, and compliance within the foreign exchange market.

The approval of the second tranche of FX sales to BDCs reflects the CBN’s proactive approach in meeting the retail market demand for eligible invisible transactions. By ensuring adequate liquidity and promoting stability in the foreign exchange market, the CBN aims to support economic growth, facilitate international trade, and enhance the overall financial well-being of Nigeria.

Market analysts anticipate that this move will have a positive impact on the Nigerian economy, stimulating economic activities and bolstering investor confidence. As the CBN continues to implement measures aimed at strengthening the nation’s financial sector, all eyes remain on the subsequent market response and the effectiveness of these initiatives.

Efecha Gold
Efecha Gold
Multimedia Expert, Journalist, and Singer.


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