In a bid to strengthen the naira and address the widening exchange rate premium in the parallel market, the Central Bank of Nigeria (CBN) has approved the sales of foreign exchange (FX) to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
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According to a circular signed by A. A Mahdi, the Acting Director, Trade and Exchange at the CBN, each BDC will receive $20,000 at the rate of N1,450/$1, which represents the lower band of the trading rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) from the previous trading day.
The naira has been under constant pressure, inching toward the N1,600/$1 ceiling, and this measure is expected to help stabilize the currency and curb the exchange rate premium observed in the parallel market.
To ensure a more stable exchange rate and address market distortions, the CBN has also stipulated that BDCs can sell FX to eligible end-users with a margin not exceeding 1.5% above the purchase rate from the CBN. This effectively limits the profit BDCs can make on each dollar sold to their customers to a maximum of N21.75.
The circular stated, “Following the on-going reforms in the foreign exchange market, with the objective of achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued distortions in the retail end of the market, which is feeding into the Parallel market and further widen the exchange rate premium.”
It further added, “To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).”
Eligible BDCs are directed to make the naira payment to the listed CBN Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches in Abuja, Awka, Kano, and Lagos.
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