CBN TO RESUME SALES OF FOREX TO BUREAU DE CHANGE FROM AUGUST 31ST, DOLLAR TO SELL AT #386
The Central Bank of Nigeria (CBN) has said it will resume the sale of foreign exchange (FOREX) to the Bureau De Change (BDC) segment of the foreign exchange market at from August 31st, 2020.
The CBN announced this in a circular titled ‘Resumption of sales to Bureau De Change operators’, which was signed by the Director, Trade and Exchange Department, CBN, O.S Nnaji, on Thursday, August 27th, 2020.
The CBN said the BDCs must not exchange the naira at more than N386/$.
The circular reads, “As part of efforts to enhance accessibility to foreign exchange particularly to travellers following the announcement of limited resumption of international flights by the Honourable Minister of Aviation, commencing with Abuja and Lagos, the Central Bank of Nigeria hereby wishes to inform the general public that gradual sales of foreign exchange to licensed BDC operators will commence with effect from September 07, 2020.
“Consequently, purchase of foreign exchange by BDCs shall be 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 accordingly.
“Meanwhile, authorised dealers (Deposit Money 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 (passports, air tickets and visas).”
This development is facilitated by the imminent resumption of the international airspace in Nigeria which was shifted from August 29th to September 5th, 2020.
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