CENTRAL BANK COMMENCE SALES OF FOREX TO BUREAU DE CHANGE

Central Bank of Nigeria has commenced sales of forex to Bureau De Change operators after a four-month hiatus, newsmen have reported .

This was after the apex bank confirmed forex sales of $122.67m to 46 authorized dealers on Friday.

A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, said the new release is part of the bank’s determination to promote stability and reduce market volatility in the foreign exchange market.

Last month, The President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, told reporters that the apex bank had suspended supply to the BDCs since March and was moving towards a complete liberalization of the foreign currency market, which would not require its intervention.

This forex sales break allowed the naira to depreciate further to N1554/$ at the official market on Thursday.

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