CBN To Start Selling Dollars To BDCs

The Central Bank of Nigeria (CBN) will soon start the sale of dollars to Bureau de Change operators in the country.

Reports say central bank operatives held a meeting with the President of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe over the issue.

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CBN Governor MR Godwin Emefiele
CBN Governor MR Godwin Emefiele

“We just held a meeting with the CBN and they informed us that they would soon resume dollar sales to BDCs.” Gwadabe said later on.

According to him, the apex bank also promised to create additional windows for BDCs to access foreign exchange but that details and criteria would be announced later.

“We also assured them that we would ensure that BDCs abide by the criteria as well as comply with all regulatory requirement to justify the renewed confidence in the sub-sector,” he added.

It’s believed that the decision to resume sales of dollars to BDCs was to narrow the gap between the official interbank rate (N282/$) and the parallel market (N255/$).

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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