The Central Bank of Nigeria (CBN) has stated that it will resume weekly forex sales to Bureau de Change operators from August 31.
In a circular signed by O.S. Nnaji, director of trade and exchange department, the central bank directed that the BDCs must not exchange the naira at more than N386/$.
The bank decision to begin FX sales to BDCs is coming at the heels of internatinal flight resumption in the country which is set to begin September 5th.
The apex bank noted that the decision will enhance accessibility to forex “particularly to travellers”.
Providing a breakdown of the rates, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:
IMTSOs to banks: N382/$1
Banks to CBN: N383/$1
CBN to BDCs: N384/$1
BDCs to end-users: Not more than N386
Volume of sale to each market is $10,000 per BDC.
The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.
“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays,” the circular read.
“Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”
(C) Control TV 2020.
