Forex: CBN provides $10,000 special intervention to BDCs

Forex: CBN provides $10,000 special intervention to BDCs
April 05 19:15 2017

In its bid to sustain supply of liquidity to the foreign exchange market, the Central Bank of Nigeria (CBN) has decided to make a special intervention in the Bureau de Change (BDC) segment of the market on Thursday, April 6, 2017.

Disclosing this in Abuja, CBN’s acting Director of Corporate Communications, Mr. Isaac Okorafor, said the special intervention of $10,000 for BDCs was meant to meet the upsurge in the forex requests of low-end customers, which has been on the sudden increase in the past few days.

He said the special intervention does not in any way contradict the Bank’s newly amended sale policy of selling not more than $10,000 only to BDCs once a week.

He further explained that the intervention arose due to the increasing demand for forex by Nigerians to address other legitimate needs.

Meanwhile, the CBN spokesman also disclosed that the bank is collating retail requests from authorized dealers upon which sale would be finalised.