The Central Bank of Nigeria (CBN), on Friday, September 6, said it has approved 20,000 dollars each for eligible Bureaux De Change (BDCs).

According to the apex bank, the funds were approved for the BDCs at the rate of N1,580 to a dollar.

A statement released by the acting director of Trade and Exchange Department of the CBN, Williams Kanaya said the apex bank is probing more liquidity into the market with the move.

Kanaya said, “To this end, the CBN has approved the sale of 20,000 dollars to each eligible BDC operators at the rate of  N1, 580/dollar.

He also said that the fund will meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.

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

Continuing, Kanaya added that the confirmation of payment for the funds and prerequisite documentation should be submitted at the appropriate branches of the apex bank.

He listed the branches as those in Abuja, Awka, Kano and Lagos for collection of the 20,000.00 dollars.