CBN Resumes Sales of Forex to BDCs

  • CBN Resumes Sales of Forex to BDCs

The Central Bank of Nigeria on Wednesday sold $250m to 3147 registered Bureau De Change operators nationwide, according to a NAN report.

The Association of Bureau De Change Operators of Nigeria, President, Alhaji Aminu Gwadabe said the sales of the foreign currency to the BDCs would boost the naira exchange rate as it would impact the market liquidity positively.

He further stated that the “sale and distribution is on-going to all the CBN licensed BDCs today.”

According to the President, Nigerians with legitimate needs for forex should visit any CBN registered BDC to purchase dollars with relevant documents at N399 to a dollar — CBN stipulated rate.

He also called on Nigerians to report any member selling above the CBN regulated rate and advised them to report to the appropriate authorities as the details of all the BDCs are on the CBN official website.

The local currency has depreciated since the CBN stopped the sales of foreign currency in December, this has deepened the dollar scarcity and further plunged the naira to N497 against the dollar at the parallel market.

But traders are optimistic that the resumption of sale to the BDCs will aid the Naira exchange rate going forward, and expected the surge in oil prices to continue to support revenue generation as seen in recent time.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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