Sunday 23rd July, 2017
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CBN sells $250m forex to BDCs

CBN sells $250m forex to BDCs

The Central Bank of Nigeria (CBN) on Wednesday began auctioning 250 million dollars to 3147 registered Bureau De Change (BDCs) nationwide.
The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe disclosed this to the News Agency of Nigeria (NAN) in Lagos.
He said the sale of the foreign currency to BDCs would impact positively on the Naira exchange rate as the exercise would boost liquidity in the market.
“Sale and distribution is ongoing to all the CBN licensed BDCs,’’ Gwadabe said.
He appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC to purchase dollars with relevant documents at N399 to the dollar.
Gwadabe said that addresses of all the BDCs were available at the official CBN Website, adding that members of the public should report any member selling above the regulated price to the appropriate authorities.
The Naira has depreciated significantly since the CBN closed its doors to sale of the foreign currency in December.
The currency, which was exchanged at N493 to the dollar at the beginning of the year, has depreciated to N497 to the dollar in the parallel market.
With the resumption of sale to BDCs, traders and stakeholders are optimistic that naira may as well be on the recovery path. (NAN) the requirements and includes a number of corrective actions that should help Nigeria make a full transition to the EITI Standard.”
The EITI Chair said “Nigeria has repeatedly demonstrated how the EITI process can be used to achieve important, tangible results for its citizens.”
He advised that “swiftly addressing the corrective actions identified through validation should help Nigeria continue to demonstrate regional leadership and make a full transition to the EITI Standard”.
Reacting to the report, Dr. Fayemi welcomed the verdict on Nigeria and expressed confidence that Nigeria will address all the corrective actions before the next validation exercise.

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