The Central Bank of Nigeria (CBN) has decided to help people and businesses get more foreign money by allowing bureau de change (BDC) operators to buy dollars. They will sell $20,000 to each eligible BDC for N1,590.
This money is for important needs like traveling or paying school fees, which are called “invisible transactions.” The CBN wants to make sure there is enough money available for these transactions.
Each BDC can sell the dollars to customers, but they can only charge a little extra—no more than one percent above what they paid. BDCs that want to buy the dollars need to pay the CBN in Naira first.
(Vanguard)