The Central Bank of Nigeria has said that it was set to allocate $20,000 to all eligible Bureau De Change operators nationwide in a bid to bridge the widening gap in the exchange rate.
This was revealed in a circular by Dr. Hassan Mahmud, the Director of Trade and Exchange Department of the CBN.
This allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.
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This strategy is anticipated to inject the much-needed liquidity into the market and stabilise the Naira’s value.
The BDCs are permitted to sell foreign exchange to end-users at a margin not exceeding one percent of the rate at which the CBN supplied it.
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