The Central Financial institution of Nigeria (CBN) has expressed concern over the continued distortions within the retail finish of the international alternate market, which is feeding into the parallel market that has additional widen the alternate fee premium.
To shut the hole on the worth between the official and the parallel segments of the market, the CBN stated it has authorised the gross sales of FX to eligible Bureau De Adjustments (BDCs) to satisfy the demand for invisible transactions.
In a round that was issued on Thursday, the Central Financial institution stated the sum of $20,000 is to be offered to every BDC on the fee of N1,450/$ (representing the decrease band of the buying and selling fee at NAFEM within the earlier buying and selling day).
“All BDCs are allowed to promote to eligible end-users at a margin NOT MORE THAN one level 5 p.c (1.6 %) above the acquisition fee from CBN,” appearing director of commerce & alternate division on the CBN, A. Mahdi, stated within the round.
CBN stated the transfer was a part of its ongoing reforms within the international alternate market with the target of attaining an applicable market decided alternate fee for the Naira.
In accordance with the round, all eligible BDCs have been directed to make the Naira cost to the listed CBN Naira Deposit Account Numbers and submit affirmation of cost with different essential documentation for disbursement on the applicable CBN branches.
“Please be guided accordingly,” Mahdi acknowledged.
