BUSINESS

FX liquidity: CBN approves additional $20,000 to eligible BDCs Liquidity

Published

2 months ago

September 26, 2024

Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) says it has provided additional 20,000 dollars each to eligible Bureau de Change at an exchange rate of N1,590.

This is to further boost foreign exchange liquidity.

Dr Wiliam Kanaya, CBN’s Acting Director, Trade and Exchange Department, said this in a statement on Wednesday in Abuja.

Kanaya said that said that the BDCs are allowed to sell to eligible end-users at a margin of not more than one per cent above the purchase from the CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment 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 in Abuja, Awka, Kano, and Lagos,’’ he said.

Related Topics:

Up Next

Tinubu’s reforms addressing missteps of past – FG

Don't Miss

Yuan weakens to 7. 0354 against dollar

Kadiri Abdulrahman

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.