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Thursday, March 30

CBN to commence twice weekly FX sales to BDCs


…Each BDC to receive $10,000, weekly
In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) is to commence twice weekly foreign exchange sales to Bureaux de Change(BDCs) as from Monday, next week.
Emefiele CBN Governor
The apex bank , in a statement by the spokesman of the CBN, Mr. Isaac Okoroafor, in Abuja, yesterday, directed licensed BDC operators to fund their accounts with the CBN on Mondays and Wednesdays for this purpose.
It said that they would receive their purchases on Tuesdays and Thursdays, respectively.
“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,” CBN added.

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