CBN Injects $20,000 Into Forex Market To Boost Liquidity

The Central Bank of Nigeria (CBN) has released $20,000 to each Bureau De Change (BDC) operator to provide more liquidity in the foreign exchange market.

According to the CBN’s Acting Director of Trade and Exchange Department, W.J Kanya, the funds were released at a rate of N1580 per dollar and are intended to increase liquidity in the market. BDCs are allowed to sell to eligible end-users at a margin not exceeding 1% above the purchase rate from CBN.

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“The CBN has approved the sale of US$20,000 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions,” Kanya said.

Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.

Payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches in Abuja, Awka, Kano, and Lagos.