CBN Boosts BDCs With Fresh $10,000 Midweek Intervention

CBN Boosts BDCs With Fresh $10,000 Midweek Intervention

Poised to sustain the gains recorded so far in the value of the Naira against major world currencies, the Central Bank of Nigeria (CBN) will on Thursday, April 6, 2017, make a special intervention in the Bureau de Change (BDC) segment of the foreign exchange market.

As part of the intervention aimed at sustaining supply of liquidity to the forex market, according to the CBN’s Acting Director of Corporate Communications, Isaac Okorafor, $10,000 would be sold to BDCs to meet the upsurge in the forex requests of low-end customers, to fund Personal and Basic Travel Allowances, medical bills and tuition fees. These, items, the statement noted, has been on the rise in the past few days.

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

The intervention arose, he stressed, due to the increasing demand for forex by Nigerians to address those classes of legitimate needs.

Meanwhile, he also told newsmen that the CBN is collating retail requests from authorized dealers upon which sale would be finalized.