CBN boosts BDC forex supply, makes $10,000 midweek intervention

The Central Bank of Nigeria (CBN) in its bid to sustain supply of liquidity to the foreign exchange market, has made a special intervention in the Bureau de Change (BDC) segment of the market. Disclosing this in Abuja, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, said the special intervention of $10,000 for BDCs was meant to meet the upsurge in the forex requests of low-end customers, which has been on the sudden increase in the past few days.
According to him, the special intervention does not in any way contradict the Bank’s newly amended sale policy of selling not more than $10,000 only to BDCs once a week. He further explained that the intervention arose due to the increasing demand for forex by Nigerians to address other legitimate needs. Meanwhile, the CBN spokesman also said that the CBN is collating retail requests from authorised dealers upon which sale would be finalised