The Central Bank of Nigeria has announced the commencement of the sale of dollars to eligible Bureau De Change operators at the rate of N1450/dollars.

AA Mahdi who is the acting director of the trade and Exchange Department at the CBN, disclosed this in a statement signed yesterday.

In the latest move, the CBN said it has “approved the sales of FX to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).”

The CBN said it is anchoring this move on the observed continued distortions in the retail end of the market, which is feeding into the Parallel market and further widening the exchange rate premium.

This resumption of sales is coming days after the apex bank sold $123m to authorised dealers excluding the Bureau-de-change operators.