The Central Bank of Nigeria (CBN) has resumed sales of foreign exchange (forex) to Bureau De Change (BDC) operators, ending a four-month suspension.
This follows the sale of $122.67 million to 46 authorized dealers on Friday.
According to a statement by Dr. Omolara Duke, Director of Financial Markets at CBN, the move aims to promote stability and reduce market volatility in the foreign exchange market. The statement read, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorized dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”
The President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, had earlier confirmed the suspension of forex sales to BDCs since March, hinting at a possible liberalization of the foreign currency market.
Meanwhile, Nigeria’s external reserves have reached a new high of $35.05 billion as of July 8, 2024, under the administration of President Bola Tinubu. The naira, however, depreciated to N1554/$ at the official market on Thursday.
