The
Central Bank of Nigeria CBN) will from Monday, April 3, 2017 commence
twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the
country.
A
statement by the Bank’s Acting Director, Corporate Communications
Department, Isaac Okorafor, disclosed that weekly sale amount has been
increased to $10, 000 (i.e. $5000 per bid). Initially, the bank was
allocating $8,000 once every week. On Monday the Apex bank has reduced
the rate to BDCs from 390 to 360/$.
The
statement further disclosed that licensed BDCs are henceforth required
to fund their accounts with the CBN on Mondays and Wednesdays while they
receive their purchases on Tuesdays and Thursdays, respectively.
According
to Okorafor, this strategic move is aimed at ensuring wider spread and
liquidity in the market to Deposit Money Banks as well as BDCs.
Meanwhile,
the CBN on Thursday, March 30, 2017, offered the total sum of $100
million to authorized dealers to service forwards request by wholesale
customers in the interbank market.
It
will be recalled that the CBN, in its resolve to sustain liquidity in
the FOREX market, on Monday, March 27, 2017, offered $100m in wholesale
forwards to DMBs, which was fully taken.
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