The Central Bank of Nigeria (CBN) has increased sales of foreign exchange (FOREX) to Bureau De Charges (BDCs) in continuation of its efforts to boost liquidity in the FOREX market.
It increased FOREX sales to twice weekly just as it increased sake amount to BDCs to $10,000 at $5,000 per bid while hoping to announce a new rate.
A statement by the CBN Acting Director, Corporate Communications, Isaac Okorafor, explained that sales of FOREX would now be on Tuesdays and Thursdays when BDCs would receive their purchases effective from Monday April 3, 2017.
However, licensed BDCs are required to fund their accounts on Mondays and Wednesdays.
According to Okorafor, “In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria
(CBN) wishes to inform market participants and the
general public that it will commence twice weekly forex sales to Bureaux de Change(BDCs) from Monday, April 3, 2017.
“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.
‘The sale amount to BDCs is hereby increased to $10,000 weekly ($5,000 per bid) and a new rate will be announced on Monday, April 3, 2017.”