The Central Bank of Nigeria will resume sales of foreign exchange to operators of Bureau de Change (BDCs) from Monday, September 7, 2020, the bank said in a statement on Wednesday.
According to the bank, the decision to inject liquidity into the FOREX market is crucial to boosting the naira against the dollar.
The Director, Corporate Communications Department at the CBN, Isaac Okoroafor, said that the sale would be gradual and done twice a week while stressing that the interventions made in the Investors and Exporters (I&E) window would plunge market speculators into losses following their failure to heed to warning signs from the CBN.
According to Okoroafor, the sales will be done Mondays and Wednesdays.
He said that the BDCs had been directed to ensure that their accounts with their banks are adequately funded to ensure seamless transactions.”
While warning speculators to desist from what he termed unpatriotic tendencies, Okorafor urged registered BDCs to comply with the CBN guidelines as the Bank would not hesitate in sanctioning any erring dealer.
He also assured that those requiring foreign exchange for purposes of travel, educational fees, and other Invisibles could obtain such over the counter from their respective banks.
The naira began to rebound against the dollar, exchanging for N420 to a dollar in the BDC segment of the market on Wednesday, after trading for as high as N480 to the dollar on Monday in the I&E window, prompting fears that the Naira was in a free fall.
