The Central Bank of Nigeria (CBN), on Wednesday said as part of providing additional liquidity in the retail side of the foreign exchange market, it recently approved the sale of US$20,000 to each eligible Bureaux De Change (BDC) operator.

The sale, which is to enable them meet the demand for invisible transactions, defined as payment for services, or that do not involve the exchange of tangible goods, such as school fees, medical fees, consultancy fees, airline remittances, among others, was done at the rate of N1,590/US$.

According to the circular by Dr. W.J. Kanya, the Acting Director, of Trade & Exchange Department, announcing the development, the CBN directed all BDCs “are to sell to eligible end-users at a margin of not more than one percent above the purchase rate.

It further directed such interested eligible BDCs to make Naira payment into its deposit account number with them.

“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches” in Abuja, Awka, Kano, and Lagos for collection of the US#20,000.00.