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FX liquidity: CBN approves additional $20,000 to eligible BDCs

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Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via ibroramalan@gmail.com, or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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The Central Bank of Nigeria, CBN, says it has provided additional 20,000 dollars each to eligible Bureau de Change at an exchange rate of N1,590.

This is to further boost foreign exchange liquidity.

Dr Wiliam Kanaya, CBN’s Acting Director, Trade and Exchange Department, said this in a statement on Wednesday in Abuja.

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Kanaya said that said that the BDCs are allowed to sell to eligible end-users at a margin of not more than one per cent above the purchase from the CBN.

“Eligible BDCs interested in this transaction are directed to make the Naira payment the CBN deposit account numbers with them.

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“Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos.,’’ he said.
NAN

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