The Dual-Band Band Limited Signal (DBBLS) is a signal with its power spectral density consisting of two separate lobes. Signals that can be considered as DBBLS are for example signals with BOC, AltBOC modulation, signals modulated on two close carriers and many other signals, which are used in modern satellite navigation systems. This signal advantage is its excellent ranging property. The parted power spectral density enables processing the DBBLS as a single wideband signal in single-channel receiver or as two narrow band signals in two-channel receiver. The signal processing of the ranging signals is based on the calculation of the cross-correlation function, which can be calculated from the signal measured by the two-channel receiver by the derived method more efficiently than from the whole signal. The two-channel processing has nearly optimal performance, but the hardware and computation complexity is much lower. The developed method can by applied, for instance, for the processing of the Galileo E5 signal or pair of the Compass L1 signals.