CBN extends frequency of forex to BDCs …Senate screens board nominees

The Central Bank of Nigeria (CBN) said it has extended the frequency of sales of foreign exchange to licensed Bureau de Change (BDC) operators to three days.

CBN in a memo titled: Development in the foreign exchange market; Re: Review of weekly foreign exchange cash sales to BDC operators, signed by the acting director, Trade and Investment department, Mrs Ahuchogu O.I stated that consequently upon that, purchase of foreign exchange by BDCs shall be on Mondays, Wednesdays and Fridays. This was against Mondays and Wednesdays.

She said that bureau de change operators are to ensure that their accounts with the banks are duly funded with the equivalent Naira proceeds on Tuesdays, Thursday and Fridays.

Also, the regulatory authority said authorized dealers are expected to continue selling foreign currencies for travel related invisible transactions to customers and noncustomers over the counter upon presentation of relevant travel documents such as passport, air ticket and visa

Meanwhile members of the Senate Committee on Banking, Insurance and other Financial Institutions chaired by Senator Rafiu Ibrahim (APC, Kwara) yesterday screened President Muhammadu Buhari’s nominees for the CBN board.

Buhari had in April 2017 nominated Prof. Ummu Ahmed Jalingo (North East), Prof. Justina Odinakachukwu Nnabuko (South East), Prof. Mike I. Obadan (South South), Dr. Abdu Abubakar (North West) and Adeola Adetunji (South West) as non-executive directors of the CBN.

Responding to questions, Obadan told the senators that the country’s currency could not be strengthened by fiat, but rather through the stimulation of manufacturing and export.

The senators urged the nominees not to turn the CBN board into a classroom for academic arguments.

A member of the Sen. Danjuma Goje, panel, urged the nominees to and assist in the country’s challenges.

After commending Buhari for the nomination, Goje said, “Don’t go and turn the board into academic board. Practical job, not classroom job, so that Nigerians can have the benefit of your experiences”.

Sen. Umar Krufi (APC, Katsina) said, “When you put so many academics in a place, there would be so many arguments. What we want is action, not argument.” work hard addressing economic