The Central Bank of Nigeria said it has sold foreign exchange worth $20,000 to eligible Bureau De Change operators at N1590 per dollar foreign exchange rate to tackle the FX crisis across the country. This was disclosed by the apex bank in a circular signed by the Acting Director of Trade and Exchange Department, W.
J Kanya, on Wednesday. According to the CBN , the move will help operators meet retail market demand for eligible invisible transactions. “This is to inform the Bureau De Change Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market. “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,” it said.
reports that this is the seventh intervention by CBN in the FX market in recent times.
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