CBN Begins Twice Weekly BDC FX Sales On Monday

CBN Begins Twice Weekly BDC FX Sales On Monday

Buoyed by successes already recorded in its ongoing bid to stabilize the Naira against major currencies in the world and enhance supply hiccups, the Central Bank of Nigeria (CBN), on Thursday announced plans to sell foreign exchange to Bureau De Change (BDC) operators twice weekly, beginning from Monday, April 3, 2017.

A statement by Isaac Okoroafor, Acting Director of Corporate Communication at the apex bank, added that the maximum sale amount has been raised to $10,000 from $5,000 weekly per licenced BDC operator at a new rate to be announced also on Monday.

“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,” Okoroafor added.