CBN Orders New Directive On Forex Sale To BDCs

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The Central Bank of Nigeria, CBN, has yesterday set a new limit for the weekly sale of foreign exchange cash from the Authorised Dealers to Bureaux de Change, BDCs.

The new directive by the apex bank set the weekly sale limit to $30,000 following the nation’s currency, naira’s further depreciation.

The CBN, through its Governor, Godwin Emefiele also warned Authorised Dealers against accessing its Discount Window on the settlement date for government securities’ auctions.

The affected securities include the CBN Bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds.

The new directive is contained in a circular signed by the Director, Financial Market Department, CBN, Dr. Alvan E. Ikoku (Ref: FMD/DIR/GEN/CIR/07/005 titled; “Access to the CBN Discount Window”) issued by the CBN to all authorised Dealers

The CBN further in the circular warned: “You are reminded that authorised dealers who come to any of the CBN’s windows are prohibited from interbank foreign exchange market on the same day”.

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