Bureau De Change Operators were excluded from the Central Bank of Nigeria’s latest batch of currency sales to licensed dealers.
This disclosure was made by the disclosed by the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, according toThe PUNCH.
He noted that on banks got the intervention.
Responding in a chat, the BDC president said, “No, it is their usual intervention at the NAFEM window which presently excludes the BDCs but only banks.”
The apex bank sold $122.67 million in forex to 46 approved dealers as a key step to stabilize the market.
Authorised dealers include banks and BDC operators.
The CBN Director in Charge of Financial Markets, Dr Omolara Duke said in a statement last Friday that the latest release is part of the bank’s commitment to promoting stability and reducing market volatility in the foreign exchange market.
The statement read in part, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”
Recall that the President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe stated that the cbn had suspended supplies to BDCs since March and was working toward total liberalization of the foreign currency market, which would not require its participation.
He said, “The BDC window has been suspended by the Central Bank of Nigeria since around March or so. The last time we were funded I think was around March.”
On Wednesday, the apex bank sold $67.5 million to 27 approved dealers and purchased $2.5 million from one.
The bid range for these transactions was between N1,480/$1 and N1,500/$1. Payments for these transactions are scheduled for July 12, 2024, following a two-day settlement cycle (T+2).
