The Nation Newspaper CBN adjusts forex sales to BCDs operators
has announced a revised policy for the sale of foreign exchange to Bureau De Change operators from Thursday, March 28th, 2024.The new policy reflects a reduction in the amount of FX available to BDCs and the rate at which they can purchase it.
In a letter addressed to the President of the Association of Bureau De Change Operators of Nigeria , Dr. Hassan Mahmud, Director, Trade and Exchange Department at the CBN, explained the rationale behind the adjustments.The CBN, he said, aims to address “continued price distortions at the retail end of the market,” which the bank believes contributes to a wider gap between the official exchange rate and the black market rate.
The CBN’s revised FX policy for BDCs highlights its ongoing efforts to achieve a stable and market-driven exchange rate in Nigeria.
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