The Central Bank of Nigeria (CBN) has announced the approval of foreign exchange sales to authorized Bureaux De Changes (BDCs) to meet the demand for invisible transactions.
In a circular signed by A. Mahdi, acting Director of Trade and Exchange, CBN, it was disclosed that the sum of $20,000 will be sold to each BDC at the rate of N1,450/$1.
These sales come at a time when the naira is under constant pressure and is approaching the ceiling of N1,600/$1.
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