CBN Creates Special Forex Sales Window for BDC Operators

December 2, 2018
CBN interbank forex market

By Dipo Olowookere

The Central Bank of Nigeria (CBN) at the weekend announced the introduction of a special foreign exchange window for Bureau De Change (BDC) operators in the country.

According to a circular issued by the apex bank and signed by its Director of Trade and Exchange Department, Mr Umar Abdullahi, the forex segment was created to ensure members of the public, who require foreign currencies to complete their transactions easily have access to them.

In the circular, the central bank disclosed that it would carry out the forex sales to BDC operators on Thursdays, asking them to fund their respective Naira accounts in preparation for the exercise.

The apex bank stated that during the exercise, it will regularly offer each forex dealers $15,000 as from Thursday, December 06, 2018.

“This is to inform Bureau De Change (BDC) Operators and the general public that with the approach of the yuletide season and the resultant increase in the demand for Personal/Business Travel Allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday) introduced a special intervention day every Thursday for $15,000.00 per BDC commencing on Thursday, December 06, 2018.

“Consequently, all BDCs should note that the cut-off time for receiving Naira deposits into their respective bank accounts for the Thursday’s special intervention shall be 10:00am on the Thursday.

“All operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers as any case of infraction will be appropriately sanctioned,” the circular said.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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