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The Central Bank of Nigeria has announced the sale of dollars to currency exchange dealers.
The central bank made the announcement in a statement signed on Friday by the acting director of the Department of Trade and Exchange, Dr W J Kanya.
The central bank’s latest move comes days after the Nigerian naira took a hit in both the official and parallel markets, where it depreciated to around $1,670 on Friday.
The circular read in part: “This message is to inform currency exchange operators and the general public that we are injecting 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.”
The bank said BDCs are allowed to sell to eligible end-users at a margin of no more than one per cent above the CBN’s buying rate.
Eligible BDCs interested in this transaction have been advised to make payment in Naira to the CBN.
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