CBN to resume forex sales to BDCs Sept 7

The Central Bank of Nigeria has said it will resume the sale of foreign exchange to the Bureau De Change segment of the foreign exchange market on September 7.

The CBN stated this in a circular entitled ‘Resumption of sales to Bureau De Change operators’, which was signed by the Director, Trade and Exchange Department, CBN, on Thursday.

Also, the naira exchanged at the investors and exporters FX window on the FMDQ at N386.15 to a dollar on Thursday.

The circular read, “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07, 2020.

“Consequently, purchase of foreign exchange by BDCs shall be on Mondays and Wednesdays in the first instance.

“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays accordingly.

“Meanwhile, authorised dealers (Deposit Money Banks) shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passports, air tickets and visas).”