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Forex: CBN makes special midweek sales to 2,991 BDCs – Today

HomeNewsForex: CBN makes special midweek sales to 2,991 BDCs – Today
  • CBN
06
Apr
Forex: CBN makes special midweek sales to 2,991 BDCs – Today
  • Author
    Alex Ikechukwu
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The Central Bank of Nigeria in its bid to sustain foreign exchange liquidity said it would make a special intervention forex sale of $10,000 to each of the 2,991 licensed Bureau de Change on Thursday.

The Acting Director, Corporate Communications, CBN, Isaac Okorafor said this in a statement on Wednesday in Abuja.

According to him, the aim of the special intervention is to meet the upsurge of forex requests of low-end customers, which has been on the sudden increase in the past few days.

Okorafor said the special intervention does not in any way contradict the Bank’s newly amended sales policy of trading not more than $10,000 to BDCs once a week.

The CBN had last week increased forex sales to BDCs from $8,000 once a week, to $10,000 twice a week, amounting to $20,000 weekly per BDC.

However, the CBN later changed its plans and decided to instead sell only $10,000 once a week, which it did on Tuesday in order to reduce logistical difficulties.

The BDC operators had expressed disappointment over the reversal.

They said $10,000 a week was insufficient to meet forex demand at that segment, thus CBN plans to have a converged inter-Bank, BDC and parallel market rate may not be achieved.


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