Nigeria's apex bank move to boost currency
Xinhua, January 18, 2017 Adjust font size:
Nigeria's apex bank Wednesday commenced auctioning 250 million U.S. dollars to 3147 registered Bureau De Change (BDCs) in the country.
Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), who disclosed this in Lagos, said the sale and distribution is ongoing to all the Central Bank of Nigeria (CBN) licensed BDCs.
He said the sale of the foreign currency to BDCs would impact positively on the naira exchange rate as the exercise would boost liquidity in the market.
He appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC to purchase dollars with relevant documents at N399 to the dollar.
Gwadabe said addresses of all the BDCs were available at the official CBN Website, adding that members of the public should report any member selling above the regulated price to the appropriate authorities.
The naira, Nigeria's currency, has depreciated significantly since the CBN closed its doors to sale of the foreign currency in December.
The naira, which was exchanged at 493 niara to the dollar at the beginning of the year, has depreciated to N497 to the dollar in the parallel market. Endit