Dipo Olowookere
By Dipo Olowookere
The Central Bank of Nigeria (CBN) is expected to auction foreign exchange worth $48 million to operators of Bureau De Change in the country on Wednesday, May 30, 2018.
According to a report by BusinessDay, “About 80 percent of over 3,000 BDCs is expected to participate in Wednesday’s auction where each operator will access a total of $20,000 each.”
Recall that recently, the apex bank had directed BDCs operators in the country to participate in the exercise three times in a week.
These days, according to the central bank are Mondays, Wednesdays and Fridays.
In a circular signed by its spokesman, Mr Issac Okorafor, the nation’s chief lender had warned that “any BDC that fails the forex window at least three times weekly shall have its license reviewed by the CBN.”
Business Post gathered that ahead of tomorrow’s exercise, the BDC operators have already funded their accounts today despite being a public holiday to mark Democracy Day in Nigeria.
The forex traders are always expected to fund their accounts every Tuesday to access forex on Wednesday, every Thursday for Friday’s supply and every Friday for Monday’s supply.
