CBN resumes dollar sales to BDCs

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The Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDCs) operators this week even as manufacturers kick against the move.

Daily Trust findings revealed that the CBN governor, Mr. Godwin Emefiele, disclosed this during a meeting with executives of the Association of Bureaux De Change Operators of Nigeria (ABCON). 

The apex bank  commenced the sale of dollar proceeds of IMT to BDCs in August, 2016 as part of measures to stem the depreciation of the Naira in the parallel market. However, the sale was suspended in December 2016, due to the Christmas and New Year holidays. 

ABCON President Aminu Gwadabe said on its part, the association will introduce full automation of BDC operations in Nigeria, adding that about 2000 BDCs have already been enrolled in the online platform established for that purpose. 

Gwadabe said the measures were aimed at boosting confidence in the foreign exchange market and encourage Nigerians in diaspora to send their dollars through the official market. 

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