CORONAVIRUS: CBN Suspends Forex Sales To BDC Operators

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The Central Bank of Nigeria (CBN) has temporarily suspended foreign exchange sales to Bureau De Change (BDC) operators until further notice.

The Association of Bureau de Change Operators of Nigeria (ABCON) had earlier written to the apex bank, recommending a halt in the weekly sales of forex to the BDCs.

The CBN, in its response dated March 25, 2020 and addressed to the ABCON president notified them of its decision to suspend sales.

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According to Premium Times, This could further increase the price of the dollar which the apex bank recently announced should be sold by BDCs to end-users at N380 to a dollar from the initial N360 to a dollar.

According to the statement, the suspension follows the government’s directive to restrict gatherings to not more than 20 persons aimed at reducing person-to-person contact and to curb the transmission of the coronavirus.

The CBN had said that IMTSOs will sell to banks at N376 per dollar, banks to CBN at N377 per dollar, CBN to Bureau de change operators N378 per dollar, BDCs to end-users not more than N380 per dollar and the volume of sales for each market set at $20 thousand per BDC.

 

 

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