By Chris Agabi
The Central Bank of Nigeria (CBN) has injected fresh US Dollars into foreign exchange market to improve liquidity.
This move will potentially help the Naira stabilise as supply meets the demand pressures.
To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/$.
This is to meet the demand for invisible transactions, the CBN said in a new circular to BDCs signed by Dr. W. J. Kanya, the Ag.Director Trade & Exchange Department said.
The circular further stated that “all BDCs are allowed to sell to eligible end-users at amargin of NOT MORE THAN one percent (1%) above the purchase rate from CBN.*
“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them” it said.
Also, “payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches – (ABUJA, AWKA, KANO and LAGOS) for collection of the US$20,000.00” the circular further stated.
