CBN Approves $20,000 Foreign Exchange Sales to BDCs

Following the clampdown on Bureau De Change operators and the reforms in the foreign exchange market, the Central Bank of Nigeria, CBN, has approved the selling of foreign exchange to BDCs to meet the demand for invisible transactions.

In a statement signed by the Director of Trade and Exchange Department, Dr Hassan Mahmud on Tuesday said the sum of the $20,000 is to be sold to BDCs at the rate of 1,301.

It warned that the BDC operators are not permitted to sell at more than one percent above the purchase rate.

It further directed the eligible BDC operators to make equivalent payments in Naira to get the equivalent in dollars.

Last week, there was a clampdown on BDC operators in Abuja, Lagos, Enugu State, and others by the operatives of the Economic and Financial Crime Commission, EFCC, over currency racketeering.