CBN Raises Forex Supply for BDCs to $10,000

March 31, 2017
CBN Raises Forex Supply for BDCs to $10,000

CBN Raises Forex Supply for BDCs to $10,000

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has increased the amount of foreign exchange sold to Bureaux de Change (BDC) operators to $10,000 per week.

The apex bank made this known on Thursday via a statement posted on its website.

It explained that the bidding would be done two times per week at $5,000 each.

This, it further said, was in continuation of its determination to sustain liquidity in the foreign exchange market.

However, this latest development will take effect from Monday, April 3, 2017, when it said it would announce a new rate.

The bank urged licensed BDC operators to fund their accounts with it on Mondays and Wednesdays, while they receive their purchases on Tuesdays and Thursdays respectively.

The apex bank concluded that.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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