CBN Increases BDCs Forex Allocation
The Central Bank of Nigeria CBN) has increased the Forex allocations for licensed Bureaux de Change (BDCs) operators in the country to $10,000 effective from Monday, April 3, 2017.
Isaac Okorafor, Acting Director, Corporate Communications Department, CBN, in a statement, stated that the initial $8,000 once every week has been increased to $10, 000 (i.e. $5000 per bid).
The statement further disclosed that licensed BDCs are henceforth required to fund their accounts with the CBN on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays, respectively.
According to Okorafor, this strategic move is aimed at ensuring wider spread and liquidity in the market to Deposit Money Banks as well as BDCs.
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Meanwhile, the naira in the parallel market on Thursday depreciated to N390 against the dollar.
Recall that the CBN, Monday, March 27, 2017, in its resolve to sustain liquidity in the FOREX market, offered $100m in wholesale forwards to DMBs, which was fully taken.
