CBN Sells $250million to BDCs To Boost Liquidity

The Central Bank of Nigeria,CBN, has auctioned $250million to 3147 registered Bureau De Change, BDC operators nationwide to ease the lingering dollar scarcity.

The President of the Association of Bureau De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, said the sale of the foreign currency to BDCs would impact positively on the naira exchange rate as the exercise would boost liquidity in the market.

He said, “Sale and distribution is ongoing to all the CBN licensed BDCs today.”

He however appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC to purchase dollars with relevant documents at N399 to the dollar.

Gwadabe said that addresses of all the BDCs were available at the official CBN Website, adding that members of the public should report any member selling above the regulated price to the appropriate authorities.

Since the apex bank  closed its doors to sale of the foreign currency in December the local currency has depreciated significantly.

The naira, which was exchanged at N493 to the dollar at the beginning of the year, has depreciated to N497 to the dollar in the parallel market.



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