The Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.
In a circular signed by A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, it was disclosed that the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$1.
These sales come at a time when the naira faces constant pressure, inching toward the N1,600/$1 ceiling.
This is a developing story…