CBN Debunks N35m Deposit For BDCs, Resumes Sale Of Dollars To Operators
Mr. Godwin Emefiele, CBN Governor [/caption]
The Central Bank of Nigeria (CBN) has dismissed speculations that the bank would reintroduce a mandatory deposit of N35 million for all Bureau de change (BDC) operators.
Also the CBN on Thursday announced that the bank will resume the sale of dollars proceeds of international money transfer (IMT) to BDCs next week.
Mr. Godwin Emefiele, the CBN Governor revealed this during a meeting with executives of Association of Bureaux De Change Operators of Nigeria (ABCON) in Abuja.
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The meeting with the ABCON executives was aimed at exploring measures to narrow the wide gap between the interbank exchange rate and the parallel market rate.
According to the CBN boss resumption of dollar sales to BDCs will ensure stability of the Naira exchange rate.
Emefiele also commended the efforts of the Association to publish weekly exchange rates for BDCs, in order to enhance transparency and confidence in the market.
Aminu Gwadabe, ABCON President, responding to the speculations said that the CBN had returned the mandatory caution to BDCs last year following the cancellation of direct sales of dollars to them.
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He said ‘It commenced the sale of dollar proceeds of IMT to BDCs in August last year as part of measures to boost dollar supply in the retail segment and also stem the depreciation of the Naira in the parallel market”.
“However, the sale was suspended last month due to the Christmas and New Year holidays”.
Meanwhile, the interbank exchange rate closed at N304.5 yesterday, while the parallel market rate closed at N495 per dollar.
