CBN doubles FOREX supply to BDCs…offers $100m for forwards

The Central Bank of Nigeria has announced a planned increase in supply of FOREX to licensed Bureau de Change operators across the country.

This is in line with its promise to sustain the liquidity of foreign exchange in the market.

Beginning from Monday, April 3, 2017, the CBN will supply foreign exchange to BDCs twice weekly, according to Isaac Okorafor, Acting Director of Corporate Communications for the CBN>

Okorafor said that the weekly sales amount of FOREX has been increased to $10,000 at $5,000 per bid.

BDCs will also be required to fund their accounts with the CBN on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays.

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Okorafor said that this move is a strategic one aimed at ensuring a wider spread and liquidity in the market to deposit money banks as well as BDCs.

The CBN, on Thursday, offered the total sum of $100 million to authorized dealers to service forwards request by wholesale customers in the interbank market.

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