Naira To Firm Up To Dollar At N386/$ As CBN Resumes Forex Sales To BDCs

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The dollar is set to crash to N386 as the Central Bank of Nigeria (CBN) announced it will begin the sales of foreign exchange to operators of the Bureau De Change (BDC) from Monday.

CBN had stopped the forex sales for about four months. But in a circular on Thursday, it said ordered the BDCs to sell a dollar for N386 while the apex bank will sell for N384/$ to the BDCs.

The circular from the Trade & Exchange Department of the CBN, also noted that the resumed sale was because of international flights resumption slated by September 5, 2020, as announced by the Presidential Taskforce on COVID-19 today.

The CBN said the purchase of foreign exchange by BDCs shall be on Mondays, and Wednesdays.

It said, “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.”

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