CBN BOOSTS FOREX SUPPLY, ANNOUNCES SALE OF $400M TO BDCs
In a move to boost forex supply, the Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.
This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr. W. J Kanya, on Friday.
The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.
The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”
The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.
Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.
More Stories
LA LIGA: REAL MADRID CLOSES-IN ON BARCA AFTER BEATING LEGANES 3-0
[caption id="attachment_157712" align="alignnone" width="300"] Real Madrid secured a comfortable 3-0 win against Leganes on Sunday in La Liga.[/caption] The win...
LAGOS GOVT HAILS SUPREME COURT RULING ON LOTTERY REGULATION
The Lagos State Government has applauded the Supreme Court ruling which nullified the National Lottery Act, and reaffirmed the constitutional...
SANWO-OLU APPOINTS NEW SOLICITOR-GENERAL/PERMANENT SECRETARY
The Lagos State Governor, Mr. Babajide Sanwo-Olu, on Friday, swore in Mr. Oyenuga Hameed Olanrewaju as the new Solicitor-General/Permanent Secretary,...
YEARNING FOR SUSTAINABLE ENVIRONMENT ONLY ACHIEVABLE COLLECTIVELY – LAGOS GOVT
The Lagos State Government on Sunday restated the need for all Local Governments/Local Council Development Areas to collaborate with the...
FARMER BEATS TWO TO DEATH IN ONDO FOR ALLEGEDLY STEALING FARM PRODUCE
A man identified as Adegoke has been arrested by the Ondo State Police Command on Sunday for allegedly killing two...
MAN UTD KICKSTART AMORIM’S ERA WITH 1-1 DRAW AGAINST IPSWICH TOWN
Manchester United were held to a 1-1 draw in Ruben Amorim’s first game in charge despite Marcus Rashford’s opener inside...