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
UPDATE: NATIONAL GRID BACK UP, RESTORATION OF SUPPLY HAS COMMENCED – TCN
The Transmission Company of Nigeria has said that the national grid which collapsed for the second time in three days,...
BANDITS KIDNAP 100 PEOPLE IN ZAMFARA STATE
About 100 residents have been kidnapped by bandits who have targeted towns in Wanke, which is close to Gusau, the...
UPDATE: ISRAELI STRIKE HITS AREA NEAR BEIRUT AIRPORT
Following Israeli raids on the southern suburbs of the capital Beirut, including one on a location close to the hub,...
JUST IN: NATIONAL GRID COLLAPSES FOR SECOND TIME IN THREE DAYS
Blackouts have occurred across the nation as a result of the national grid collapsing for the second time in three...
IGP ORDERS POLICE TO WEAR BLACK BAND FOR SEVEN DAYS TO HONOUR LATE COAS LAGBAJA
For seven days, police officers will wear a black band in remembrance of the late Lt. Gen. Taoreed Lagbaja, the...
OYRTMA OFFICERS ATTACKED BY TRICYCLE RIDERS IN IBADAN
…Seven Arraigned Two officers of the Oyo State Road Traffic Management Authority (OYRTMA), Oyedepo Samuel and Waheed Quadri, were assaulted...