Business
CBN moves to boost Forex supply to BDCs
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.
“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.
-
Football1 week agoWAFCON 2026: Super Falcons battle South Africa for World Cup play-off spot
-
Latest1 week agoOsun 2026: Oyinlola group backs Oyebamiji, faults Adeleke over exclusion
-
Business5 days agoBigi, Fearless take campus engagement to new level, reach 20 tertiary institutions
-
Football4 days agoSuper Falcons target World Cup play-off spot against South Africa
-
Featured2 days agoOsun 2026: What the battle could signal for 2027 general elections
-
Business4 days agoOPay transactions surge 115% to $358bn as Fintech eyes $4bn US IPO
-
Business3 days agoWho is really benefiting from Nigeria’s economic reforms?
-
Featured2 days agoOsun Election: How poverty turns ₦20,000 into a powerful vote-buying tool