CBN opens intervention window for BDCs to ease yuletide pressure
THE CEN TRAL BANK OF NIGERIA (CBN) will commence the sale of $15,000 to bureau de change between now and end of December for them to meet up customers’ demand for foreign exchange during the yuletide season.
Specifically the special intervention of foreign exchange cash sales to bureau de change houses which kicks off on Thursday, December 6 will hold every Thursday in addition to the official three days (Mon- day, Wednesday and Friday) dedicated for such purpose.
According to the CBN, the approach of the yuletide and the resultant increase in demand for personal/business travel allowance have necessitated the special foreign exchange sales to the BDCs.
The apex bank in a circular issued by the Trade and Exchange department urged all bureau de change houses to note that the cut-off time for receiving naira deposits into their respective bank accounts for the Thursday’s special intervention shall be 10 o’clock in the morning on the Thursday.