CBN sells $10,000 to each of the 1,588 BDCs at N1101/$ to meet retail market demand for FX

The central bank has announced the sale of $10,00 to each of the 1,588 qualified BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price. The FX sale is to  meet  retail market  demand for eligible  invisible transactions.

ALL eligible BDCs were therefore directed to commence payment of the Naira deposit to the designated CBN Naira Deposit Account Numbers fro Monday April 08, 2024, and submit confirmation of such payments with other necessary documentation for disbursement at the appropriate CBN Branches