To mitigate the impact of foreign exchange volatility, the Central Bank of Nigeria (CBN) has authorized the sale of foreign exchange (FX) to eligible Bureau De Change (BDCs) to fulfill demand for invisible transactions.
According to a circular signed by A. A. Mahdi, Acting Director of Trade and Exchange at the CBN, each BDC will receive $20,000 at a rate of N1,450/$1. These measures are implemented as the naira faces increasing pressure, nearing the N1,600/$1 mark.
