The Central Bank of Nigeria (CBN) has denied reports that it has resumed the weekly sale of foreign exchange (forex) to Bureau De Change (BDC) operators.
A statement signed by CBN’s acting Director of the Corporate Communications Department, Hakama Sidi-Ali, described the report as”absolutely false” and designed to incite panic and uncertainty within the forex market.
Titled “No Weekly FX Sales to Bureau De Change (BDC) Operators Yet” the statement clarified that CBN has not resumed the weekly interventions in the forex market contrary to a story making rounds on some online platforms.
Sidi-Ali said the apex bank is working “assiduously to stabilise the forex market and achieve smooth and effective implementation of its policy measures that will significantly enhance the regulatory framework of the BDCs towards achieving the desired stable forex market.”
The statement clarified that the CBN’s circular announcing the approved allocation of $20,000 to eligible BDCs was to enable them to meet retail demand for eligible invisible transactions under stipulated guidelines, such as personal travel allowance, business travel allowance, medical fees, school fees, and remittances.
“CBN will take exception to false reports with potentials of disrupting the economy,” the bank warned.
The CBN’s statement came amid rising demand for forex in the country, as the naira continues to depreciate against the dollar in the parallel market.
In 2020, CBN suspended the weekly sale of forex to BDCs following the outbreak of the COVID-19 pandemic, which disrupted the global economy and reduced the inflow of foreign exchange into the country.
The apex bank had also hinted at resuming the weekly sale of forex to BDCs in November 2020, when it issued a circular to all authorised dealers, BDC operators, and the general public, announcing new guidelines for the operations of BDCs in the country.
However, the Tuesday statement issued by the CBN is still working on the modalities and conditions for the resumption.
