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Forex: CBN increases dollar supply to BDCs by 100 per cent

Forex: CBN increases dollar supply to BDCs by 100

In a bid to increase the value of the falling Naira in the foreign exchnage market The Central Bank of Nigeria, (CBN) has increased weekly dollar sale to bureaux de change (BDCs) operators in the country by 100 per cent.

Confirming the increased dollar sale to BDCs, President, Association of Bureaux De Change Operators of Nigeria (ABCON) told Vanguard: “The CBN has increased dollar supply to each BDC. From next week, the CBN will sell $20,000 to each BDC twice every week.”

The CBN also disclosed that demand for dollars by banks fell by 65% during its last foreign exchange auction. This was made known by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who said that banks in the country were only able to pick $45 million out of the $100 million offered by the CBN on wholesale spot. He said.

“The CBN remains upbeat that the forex market will remain liquid and that Nigerians who genuinely require the forex will get ample access to the currency,” Okorafor noted.

It can be recalled that the CBN made special interventions in the Bureau de Change Segment of the forex market in the past week and also opened a new window for Small and Medium Enterprises (SMEs).

The central bank also offered to dealers over $500 million dollars in the wholesale and retail segments in the past week.

Okorafor had disclosed that the new window for SMEs provides small scale importers an avenue to source forex. In turn this is going to boost their respective business through the importation of eligible finished and semi-finished items at not more than $20,000 per quarter per enterprise.

Updated: April 14, 2017 — 7:13 am

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