BREAKING: CBN to sell $20,000 to each BDC at N1,450/$1

The Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. 

In a circular signed by A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, it was disclosed that the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$1. 

These sales come at a time when the naira faces constant pressure, inching toward the N1,600/$1 ceiling. 

This is a developing story…