CBN okays new limit for sale of foreign exchange cash to BDC –

The Central Bank of Nigeria, CBN on Tuesday, set a new limit of $30, 000.00 per week for the sale of foreign exchange cash from the Authorized Dealers, ADs to Bureaux de Change, BDCs, just as the Naira depreciated to N350 per dollar.

The apex bank also warned Authorized Dealers to refrain from accessing its Discount Window on the settlement date for government securities’ auctions.

The securities are CBN Bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds. The warning, according to the CBN Circular Ref: FMD/DIR/GEN/CIR/07/005 to all authorized Dealers titled “Access to the CBN Discount Window” signed by Director, Financial Market Department, CBN, Dr. Alvan E. Ikoku is coming in view of the observed abuse of access to the CBN Standing Lending Facility by authorized dealers.

The CBN warned the authorized dealers to comply as any violation will result in their denial of access to its Standing Lending Facility.

“You are reminded that authorized dealers who come to any of the CBN’s windows are prohibited from interbank foreign exchange market on the same day” Ikoku stated.

Naira falls to N350 per dollar Naira traded at an all-time low of 350 to the dollar in a single interbank market trade of $100,000.