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CBN increases Forex sale to Bureaux de Change (BDCs)

CBN Governor, Mr. Godwin Emefiele

 

In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has informed market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change(BDCs) from Monday, April 3, 2017.

A statement by Isaac Okorafor, Ag. Director, Corporate Communications, said that 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 statement stressed that 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.

 

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