The Central Bank of Nigeria (CBN) has resumed the sale of forex to Bureau de Change operators as it aims to stabilise the exchange rates.

In a circular signed by W.J Kanya, the acting director of the trade and exchange department, on Friday, September 6, the CBN stated that each BDC operator is eligible to purchase $20,000 in foreign exchange (FX).

The directive further stipulated that all BDCs are permitted to sell FX to eligible end-users at a margin of no more than 1% above the purchase rate set by the CBN.

The CBN also instructed interested and eligible BDCs to make their naira payments using the CBN deposit account numbers assigned to them.

It read; “This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market. "

To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$.

“This is to meet the demand for invisible transactions. 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.”

Naira bounces back at official market

In a related development, Legit.ng reported that the naira has appreciated in value against the dollar in the official foreign exchange markets.

This good performance of the naira came as the Central Bank of Nigeria increased the dollar supply to the market.

The naira has been under demand pressure for dollars for days and has failed to appreciate for five straight days.