The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange (FX) to Bureau De Change Operators (BDCs).
In a formal communication addressed to the President of the Association of Bureau De Change Operators of Nigeria, the CBN revealed its decision to allocate $10,000 to BDCs at a rate of N1101/$1. Under this arrangement, BDCs are expected to sell the foreign currency to eligible end-users, ensuring a spread of not more than 1.5 percent above the purchase price.
Effective from Monday, April 08, 2024, all eligible BDCs have been directed to initiate payments of the Naira deposit to specified CBN Naira Deposit Account Numbers. Following the deposit, BDCs are required to furnish confirmation of payment along with other requisite documentation for disbursement at the relevant CBN Branches.
The CBN has outlined specific branches along with corresponding account details for the Naira deposit, as follows:
Abuja Branch:
– Account Name: Foreign Currency Deposit Naira A/C
– NUBAN Account No.: 1000000956
– T24 Account No.: 0020001990037
Lagos Branch:
– Account Name: FOD Naira Deposit Lagos
– NUBAN Account No.: 1000006769
– T24 Account No.: 0230001990026
Awka Branch:
– Account Name: Foreign Currency Deposit Naira A/C
– NUBAN Account No.: 1000008330
– T24 Account No.: 0250006690037
Kano Branch:
– Account Name: Foreign Currency Deposit Naira A/C
– NUBAN Account No.: 0110001990012
– T24 Account No.: 1000002747
The directive underscores the CBN’s commitment to ensuring the availability of foreign exchange in the retail market, thereby facilitating smooth business operations and transactions within the economy. BDCs are reminded to strictly adhere to the stipulated rules and conditions outlined by the Central Bank.
This move by the CBN is poised to have significant implications for the foreign exchange market dynamics, contributing to overall stability and liquidity in the Nigerian financial landscape.
