In a move aimed at bolstering the foreign exchange market, the Central Bank of Nigeria (CBN) has given the nod for the sale of $10,000 to each Bureau De Change (BDC) at the rate of N1,251/$1. This development was communicated through a circular directly addressed to the BDCs by the CBN.
In the circular, the CBN announced the approval of a second tranche of foreign exchange sale to eligible BDCs, signaling a strategic step to inject liquidity and stability into the forex market amidst ongoing economic dynamics. According to the bank’s directive, this move is part of broader efforts to facilitate ease of access to foreign exchange and enhance market operations, addressing key concerns within the financial sector.
