November 30, 2018

Yuletide: CBN introduces special forex sales to BDCs


By Emma Ujah, Abuja Bureau Chief

As the Yuletide approaches, the Central Bank of Nigeria (CBN) has introduced a special foreign exchange sales to Bureau de Change operators, to ease access to hard currencies.

According to the apex bank, the special intervention became necessary due to an upsurge in demand for forex by members of the public.

CBN & Exchange rate: Naira & Dollar

The CBN said in circular TED/FEM/FPC/GEN/01/005, dated November 29, 2018 and signed by the Director of Trade and Exchange Department, Mr . Umar Abdullahi, that the special intervention would take place every Thursday, beginning from next week.

The bank warned that the any BDC operators who was involved in infractions on the $15, 000.00 special forex intervention would be sanctioned.

The circular reads in full,

“This is to inform Bureau de Change (BDC) operators and the general public that with the approach of the yuletide season and the resultant increase in demand for Personal/Business Allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday) has introduced a special intervention day every Thursday for $15, 000.00 per BDC, commencing Thursday, December 6, 2018.

“Consequently, all BDCs should note that the cut off time for receiving Naira deposit into their respective bank accounts for the Thursday special intervention shall be 10.00am on Thursdays.

“All operators are hereby advised to ensure strict compliance with the provisions of extant regulations on the disbursement of forex cash to their respective customers as any case of infraction will be appropriately sanctioned.”