The Central Bank of Nigeria has announced the resumption of sale of forex to Bureau De Change starting August 31, 2020.
This was revealed in a circular to all authorised dealers, BDCs, and general public titled Resumption of Sales to Bureau De Change operators and signed by CBN Director of Trade and Exchange Department, Dr. O.S Nnaji.
The circular stated that the resumption will commence August 31, 2020 and the CBN will sell dollars to the BDCs at a rate of N384/$ while the BDCs are to sell to end-users at no more than N386/$.
The resumption is following the resumption of international flight operations fixed for September 5th, 2020.
The CBN said the purchase of foreign exchange by BDCs shall be on Mondays, and Wednesdays in the first instance.
It also said the BDCs are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Fridays and Tuesdays accordingly.
“All authorised dealers and Bureau De Change Operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of foreign exchange cash to travellers, as any case of infraction, will be appropriately sanctioned,” the circular warned.
President of the Association of Bureau De Change Operators of Nigeria, (ABCON), Alhaji Aminu M. Gwadabe told our correspondent on the phone that the move by the CBN will mitigate the crisis we are witnessing in the industry due to exchange rate volatility.
As at Thursday, the naira exchanged for N465/$1 at the street market. “I believe that even though the amount is still $10,000 a week, it is a step in the right direction and all the BDCs should live to the responsibility,” he noted.