CBN resumed FX sales to BDCs at N1,580/USD to boost market liquidity and stabilize naira.

The Central Bank of Nigeria (CBN) has resumed foreign exchange sales to Bureau de Change (BDC) operators, setting the rate at N1,580 per US dollar. Each BDC can purchase $20,000 and must sell it to eligible buyers at a maximum margin of 1% above the purchase rate. This initiative aims to enhance market liquidity and stabilize the naira, which has recently depreciated significantly in both official and unofficial markets.

September 06, 2024
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