First Bank Gets Approval to Sell Forex to BDCs

• First Bank Gets Approval to Sell Forex to BDCs

First Bank of Nigeria Limited says it has received the approval of the Central Bank of Nigeria to commence the sale of foreign exchange to licenced Bureau De Change operators.

The lender, in a statement on Thursday, said it had strengthened its money transfer services in compliance with the rules and directives of the CBN.

The bank also said it had sold dollars to over 500 BDC operators in line with the CBN directive aimed at improving dollar liquidity and strengthening the naira, following the implementation of the flexible foreign exchange policy.

“The CBN’s pronouncement is a testament to the bank’s strong financial base and its avowed support to the growth and development of a sustainable national economy,” it added.

The Chief Financial Officer, First Bank, Patrick Iyamabo, said the lender would continue to strive to upscale its services to customers.

He said, “We will continue to leverage our unique ability to grow and capitalise the institution – a testament to our solid track record. Our highest priority remains meeting the financing and banking needs of our customers, by providing world-class services, knowledge and expertise to support them, even in very difficult times.”

“The bank remains committed to corporate governance principles and would continue to ensure that dollars sales to the BDC operators continue in a seamless manner for ease of distribution to the end users.”