The Central Bank of Nigeria CBN) has announced that from Monday, April 3, it will commence twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the country.
A statement by the Bank’s Acting Director of Corporate Communications Department, Isaac Okorafor, said that weekly sale amount has been increased to $10, 000 i.e. $5000 per bid.
The statement said that licensed BDCs would be expected 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.
Meanwhile, the CBN, today, Thursday, offered a total sum of $100 million to authorized dealers to service forwards request by wholesale customers in the interbank market.
It is on record in its resolve to sustain liquidity in the FOREX market, CBN had, on Monday, March 27, offered $100m in wholesale forwards to DMBs, which was fully taken. [myad]
