CBN Doubles Weekly Supply of Dollar to BDCs with Stringent Sale Conditions

In another bid to calm the troubles waters in the Nigerian Foreign Exchange (forex) market and ease pressure on the Naira, the Central Bank of Nigeria, (CBN) has increased the weekly supply of dollars to bureau de change (BDC) operators from $15,000 per BDC, to $30,000 per BDC. This will become effective from the 28th of January 2015.
The CBN made this known in a circular titled: “Review of Weekly Foreign Exchange Cash Sales to Bureau De Change Operators,” signed by its Director, Trade and Exchange Department, Olakanmi Gbadamosi, dated January 23, 2015.
“This is to inform Bureau De Change (BDC) operators and the general public that as part of the ongoing review of developments in the foreign exchange market and in order to deepen the BDCs segment, the weekly forex cash sales to BDCs have been reviewed upward from $15,000 to $30,000 per BDC, with effect from Wednesday, January 28th, 2015 auction.
“While the CBN will sell to BDCs weekly at the prevailing interbank rate, the BDCs are expected to sell to the public at not more that 3.5 per cent above the CBN selling rate. Consequently, all BDCs are to ensure that the designated accounts in the CBN are duly funded with the equivalent naira proceeds not later than 48 hours before the bidding date.
“Operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers, as any case of infraction will be appropriately sanctioned.”

Leave a Reply

Your email address will not be published. Required fields are marked *