The Central Bank of Nigeria (CBN) said it will start selling foreign money, called FX, to special shops called Bureau De Change (BDCs). These shops help people who need money for trips and small payments.
A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, shared that each of these shops will get $20,000. They will buy it for 1,450 Naira for each dollar.
This is happening because the value of the Naira, Nigeria’s money, is going down. It is getting close to 1,600 Naira for one dollar.
More details will come soon…