CBN TO BEGIN SALE OF FOREX TO BDCS TWICE WEEKLY

The Central Bank of Nigeria will begin sale of foreign exchange to Bureau De Change operators twice weekly from Monday.
This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, in a statement.
Okoroafar explained that the move, was part of the apex bank’s determination to sustain the liquidity in the forex market.
He said that the BDC operators would henceforth enjoy twice weekly purchases at the sum of $10,000 each.
“In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria wishes to inform market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change from Monday, April 3, 2017,” Okoroafor said.
The CBN has recorded huge success at the Forex market, since it started injecting over $1.5 billion at the interbank market.
The Naira has continued to remain firm against the dollar, in defiance of predictions by some experts, that it would sink to N1,000 to a dollar by the second quota of the year.
Also read: How CBN’s Sale Of $2.03bn Crashed The Dollar In 5 Weeks |
Source: dailypost.ng

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