Why CBN Is Resuming Dollar Sales To BDCs

By Chuks Ekpeneru

The Central Bank of Nigeria (CBN) has given reasons why it plans to resume dollar sales to Bureau De Change (BDC) operators on September 7.

It says the move is to strengthen the naira.

The BDCs are to get $10,000 twice weekly. They are to fund their naira accounts with the dollar equivalent.

In a statement, CBN Director, Trade and Exchange Department, O.S Nnaji, said: “As part of efforts to enhance accessibility of foreign exchange particularly to travelers following the announcement of the limited resumption of international flights by the Honorable Minister of aviation commenting with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed bureaux de change operators will commence on September 7.”

The CBN also announced the applicable exchange rate for the disbursement of International Monetary Transfer Operators (IMTOs) proceeds as IMTOs to banks, N382 to dollar; banks to can, N383 to dollar, CBN to BDCs, N384 to dollar and BDCs to end users not more than N386 to dollar..

The Apex bank on March 27 granted request of the Association of Bureau De Change Operators of Nigeria (ABCON) for holiday as a measure to control the spread of the Coronavirus outbreak.

Nnaji said the purchase of foreign exchange (forex) by BDCs shall be on Mondays and Wednesdays in the first instance. The operators are to ensure their accounts with the banks are duly funded, with equivalent naira proceeds on Fridays and Tuesdays.

He said that banks will continue to sale foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents.

“All banks and BDCs are advised to ensure strict compliance with provisions of extant regulations on the disbursement of foreign exchange cash to travellers, as any case of infraction will be appropriately sanctioned.

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