CBN Plans $10,000 Midweek Intervention, Boosts BDCs

The Central Bank of Nigeria (CBN) in its bid to sustain
supply of liquidity to the foreign exchange market, has decided to make a
special intervention in the Bureau de Change (BDC) segment of the
market on Thursday, April 6, 2017.

Disclosing this in Abuja, the Acting Director of Corporate
Communications at the CBN, Isaac Okorafor, said the special intervention
of $10,000 for BDCs was meant to meet the upsurge in the forex requests
of low-end customers, which has been on the sudden increase in the past
few days.
According to him, the special intervention does not in any
way contradict the Bank’s newly amended sale policy of selling not more
than $10,000 only to BDCs once a week. He further explained that the
intervention arose due to the increasing demand for forex by Nigerians
to address other legitimate needs.

Meanwhile, the CBN spokesman also disclosed to newsmen that
the CBN is collating retail requests from authorized dealers upon which
sale would be finalized.

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