CBN Increases Forex Sale to BDCs, Releases Fresh $100m

• CBN Increases Forex Sale to BDCs, Releases Fresh $100m

The Central Bank of Nigeria on Thursday said it would from next Monday begin the sale of foreign exchange to Bureau De Change operators twice weekly.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who confirmed this, stated that the move was part of the apex bank’s determination to sustain the liquidity in the forex market.

Specifically, he said that the BDC operators would henceforth enjoy twice weekly purchases at the sum of $10,000 each.

The apex bank, according to Okoroafor, has called on all licensed BDC operators to fund their accounts with the CBN on Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively.

He said, “In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria wishes to inform market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change from Monday, April 3, 2017.

In a similar development, the CBN on Thursday offered the sum of $100m to authorised dealers to service forward requests.

The development followed the regulator’s decision to increase forex sale to the BDCs.