CBN begins weekly sales of forex to BDCs

NMigeria’s central bank Friday said it would begin sales of forex to bureaux de change (BDC) in the country twice weekly in the bid to sustain liquidity in the foreign exchange market.

“In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) wishes to inform market participants and the general public that it will commence twice weekly forex
sales to Bureaux de Change(BDCs) from Monday, April 3, 2017,” said Isaac Okoroafor, CBN’s acting director of corporate communications, in a statement.

“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.

“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.”

In this article:
CBNforexIsaac Okoroafor
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