The Central Bank of Nigeria (CBN) has reestablished the sale of foreign exchange (forex) to Bureau De Change (BDC) operators.
The apex bank is presently offering forex to them at an exchange rate of N1,021 per dollar. This move aims to stabilize the forex market and guarantee the accessibility of forex to the BDCs.
Join our WhatsApp ChannelAccording to a circular uploaded to the CBN’s site on Tuesday, the apex bank also asked BDCs to restrain their sales to an amount not surpassing 1.5 percent above the purchase cost.
This order seeks to check excessive charges and promote transparency in the forex transactions conducted by the BDCs.
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Reacting to this development, Mr. Jerry, a BDC Administrator in Lagos, expressed hope about the possible impact of the apex bank’s decision. He said, “The Resumption of forex sale by the CBN hopefully should be a positive development for us also.”
The decision to continue forex sales to BDCs comes amidst efforts by the CBN to stabilize the Nigerian economy and guarantee the stability of the naira.
In later times, the CBN implemented different measures to manage forex demand and supply, including the alteration of exchange rates and the introduction of forex restrictions.
With the resumption of forex sales to BDCs at the rate of N1,021 per dollar, the CBN aims to boost confidence in the forex market and facilitate forex accessibility for BDC operators and their customers.
More details later…
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
