The Central Bank of Nigeria (CBN) announced it has started selling $10,000 to Bureau De Change (BDC) operators, offering them direct access to US dollars at a discounted rate of N1,021 per dollar.
This is the fourth time the apex bank is selling this year and the second this month. The CBN's goal is to support the foreign exchange market and maintain the value of the naira relative to the dollar.
This shows a strategic approach to controlling currency fluctuations and meeting necessary foreign exchange requirements.
The policy calls for $10,000 to be sold to qualified BDCs to meet the needs of the retail-end market. A report stated that this is especially important for invisible transactions such as travel allowances, tuition fees, and medical expenses.
Read more: https://www.investingport.com/cbn-sells-dollars-to-bdc-in-a-bid-to-strengthen-the-naira/