Business

CBN moves to boost Forex supply to BDCs

Published

7 years ago

April 1, 2017

Olu Emmanuel

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By Chioma Obinagwam

In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has disclosed that the sale of Forex to Bureaux De Change(BDCs) will increase to $10000 weekly.

Acting Director, Corporate Communications of the apex bank, Isaac Okorafor who revealed this in a statement issued on Friday, said that the modification in the supply of Forex to BDCs takes effect on Monday, April 3, 2017.

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“The 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, ” he noted.

He, however, advised licensed BDC operators 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,” Okoroafor,” continued.