CBN to sell $16m to BDCs at N1,021/$ amid fresh panic in FX market

To halt the fresh panic building over the fate of the naira, the Central Bank of Nigeria is set to disburse another tranche of liquidity intervention to 1,583 Bureau de Change operators.

In a letter to the President of the Association of Bureau de Change Operators of Nigeria , the Trade and Exchange Department of the CBN said the sale of $10,000 to each of the BDC operators is aimed at meeting the demand of the retail end of the exchange market. The intervention comes on the heels of fresh panic in the foreign exchange market. The sale is expected to calm the tension.

Yesterday, Tuesday, one British Pound was exchanged for about N1,495 at the parallel market just as the Euro went for about N1,310 while a Canadian dollar was exchanged for N885.924.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

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BDCs ask CBN to ban non-oil exporters from obtaining FX at official marketThe Association of Bureau De Change Operators of Nigeria, ABCON, has told the Central Bank of Nigeria, CBN, to ban non-oil export domiciliary account holders from obtaining foreign exchange through the official market. ABCON's president, Aminu Gwadabe, disclosed this in a Thursday Lagos statement.
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