The Central Bank of Nigeria (CBN) has announced the commencement of foreign exchange sales to qualified bureau de change operators.
Mahmud further said that the CBN has authorized the sale of foreign exchange to eligible bureau de change operators to meet the demand and to address the gap in the market.
“operators must make naira payments to designated CBN foreign currency deposit accounts and provide confirmation of payment alongside necessary documentation” he outlined.
The Director of the CBN’s Trade and Exchange Department, Hassan Mahmud, revealed this today, noting that CBN has observed persistent price distortions in the retail market which has contributed to the widening exchange rate gap in the parallel market.
He also noted that foreign exchange distribution will be facilitated at specified CBN branches situated in Abuja, Akwa, Lagos, and Kano.
