Imported User:
The Central Bank of Nigeria (CBN) has reduced the value of foreign exchange to be sold to Bureau-de-Changes (BDCs) across the country per week from US$100,000 to US$75, 000, representing a decline of 75 per cent.
This was communicated to Authorised Dealers and BDCs via a circular signed by Director, Trade Exchange Department, Alhaji Batari Musa.
The apex bank said that “Effective from the week starting March 18, 2012 the amount of foreign exchange cash to be sold to BDCs by the CBN shall be US$75,000.00 per week per BDC”
This reduction, analysts believe may be to rein in the level of foreign exchange available to BDCs having increased by 100 per cent the amount of foreign exchange that banks can sell to them.
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