CBN raises FOREX supply to BDCs

…Offers $100m for wholesales forwards
As part of efforts at sustaining liquidity in the foreign exchange market, the Central Bank of Nigeria CBN) will, from Monday, April 3, 2017, commence twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the country.
According to a press statement by the CBN’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the weekly sale amount has been increased to $10, 000 (i.e. $5000 per bid).
Okorafor further disclosed that licensed BDCs are henceforth required to fund their accounts with the CBN on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays, respectively.
He said that this strategic move was aimed at ensuring wider spread and liquidity in the market to Deposit Money Banks as well as BDCs.
It would be recalled that the CBN on Thursday, March 30, 2017, offered the sum of $100 million to authorized dealers to service forwards request by wholesale customers in the interbank market. Also on Monday, March 27, 2017, the apex bank offered $100 million in wholesale forwards to DMBs, which was fully taken.