The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau de Change (BDC) operators at 1,450 naira to a dollar.

The apex bank said the sum of 20,000 dollar is to be sold to each BDC at the rate of 1,450 naira per dollar, (representing the lower band of the trading rate at NAFEM in the previous trading day).

In a statement on Thursday, CBN’s Acting Director in Charge of Trade and Exchange Departments, Aliyu Mahdi, said the apex bank has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

According to the apex bank, all BDC operators are allowed to sell to eligible end-users at a margin not more than one point five per cent above the purchase rate from CBN.

The financial regulator instructed all eligible BDCs to make naira payments to CBN’s naira deposit account numbers and submit confirmation of payment with other necessary documentation for disbursement at its branches in Abuja, Kano and Lagos.