BusinessCBN Refutes Reports on Resumed Weekly FX Sales To BDCs

CBN Refutes Reports on Resumed Weekly FX Sales To BDCs

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February 27, (THEWILL) – The Central Bank of Nigeria (CBN) has refuted reports that it has resumed the suspended weekly foreign exchange sales to Bureau De Change (BDC) operators.

In a statement released Tuesday and signed by its Acting Director , Corporate Communications Department, Mrs Hakama Sidi-Ali, titled ‘No Weekly FX Sales to Bureau De Change (BDC) Operators Yet’, the CBN said media reports that it has resumed the weekly sale of forex to BDCs is false.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to a story making rounds on Central Bank of Nigeria (CBN) purportedly resuming weekly sales (interventions) in the FX market through Bureau De Change (BDC) operators.”

It said the speculations are absolutely false and aim to trigger panic and uncertainty in the forex market which the CBN is working assiduously to stabilise.

According to CBN, it is determined to achieve smooth and effective implementation of its policy measures that will significantly enhance the regulatory framework of the BDCs towards achieving the desired stable forex market.

By this statement, the CBN clarifies that its circular announcing the approved allocation of $20,000 to eligible BDCs was to enable them to meet retail demand for eligible invisible transactions under stipulated guidelines.

Sidi-Ali said the CBN will take exception to false reports with potentials of disrupting the economy.

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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