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Yuletide: CBN Introduces Special Forex Sales To Bureau De Changes

Nigeria Student Forum / General Discussion / Yuletide: CBN Introduces Special Forex Sales To Bureau De Changes (13) Views

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As the Yuletide approaches, the Central Bank of Nigeria (CBN) has introduced a special foreign exchange sales to Bureau de Change operators, to ease access to hard currencies.

According to the apex bank, the special intervention became necessary due to an upsurge in demand for forex by members of the public. CBN & Exchange rate: Naira & Dollar The CBN said in circular TED/FEM/FPC/GEN/01/005, dated November 29, 2018 and signed by the Director of Trade and Exchange Department, Mr . Umar Abdullahi, that the special intervention would take place every Thursday, beginning from next week.

The bank warned that the any BDC operators who was involved in infractions on the $15, 000.00 special forex intervention would be sanctioned. The circular reads in full, “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 demand for Personal/Business Allowance,

the CBN has in addition to the existing market days (Monday, Wednesday and Friday) has introduced a special intervention day every Thursday for $15, 000.00 per BDC, commencing Thursday, December 6, 2018. “Consequently, all BDCs should note that the cut off time for receiving Naira deposit into their respective bank accounts for the Thursday special intervention shall be 10.00am on Thursdays.

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