CBN increases Forex sale to BDCs •To announce new rate

Posted by News Express | 31 March 2017 | 1,853 times

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•CBN Governor Godwin Emefiele.

The Central Bank of Nigeria (CBN) on Thursday informed market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change (BDCs) from Monday, April 3, 2017.

This, according to the bank’s Ag. Director, Corporate Communications, Isaac Okorafor, is “in continuation of its determination to sustain liquidity in the foreign exchange market.”

“Licensed BDC operators are therefore required to fund their accounts with the CBN on Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively,” Okorafor said in a statement issued in Abuja.

He announced that “the sale amount to BDCs is hereby increased to $10,000 weekly ($5,000 per bid) and a new rate will be announced on Monday, April 3, 2017.”

Source: News Express

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