CBN Sustains $40,000 Weekly Supply to BDCs

 

 

The Central Bank of Nigeria (CBN) has for the third week in a row maintained its $40,000 weekly supply to Bureaux De Change (BDCs), operators told New Telegraph yesterday.

 

A BDC operator, Mr. Paul Okolo, said that the CBN yesterday made available a second tranche of $20,000 to each BDC at a rate of N360 per dollar in order to boost liquidity.

 

He stated that the first tranche of $20,000 was offered last Tuesday, adding that operators were confident that the CBN’s $40,000 weekly supply to BDCs: “ had come to stay.”

 

He said: “We are just praying that the price of oil does not decline significantly.

 

 

A list published by the CBN last Monday showed that it had confirmed a total of 3, 239 licensed BDCs to be in compliance with its new requirements as at April 24, 2017.

 

This showed that 241 licensed BDCs were confirmed to be in compliance with new requirements by the banking watchdog since May 2016, when it released a similar list of 2,998 BDCs.

 

The apex bank has sold more than $4 billion since it started its aggressive intervention on the currency markets last February, analysts say. It has also pursued a multiple exchange rate regime, which economists say has masked the pressure on the currency.