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FOREX: CBN offers $100m for forwards, increases sales to BDCs twice weekly

The Central Bank of Nigeria (CBN), on Thursday, March 30, 2017, offered $100 million to authorized dealers to service forward requests just as the Bureau De Change (BDC) operators are now to enjoy twice weekly purchases from the apex bank.

Confirming the offer, the Acting Director of Corporate Communications, CBN, Isaac Okorafor, disclosed that BDC operators would henceforth enjoy twice weekly purchases at the sum of $10,000 each with effect from Monday, April 3, 2017.

Accordingly, BDC operators are required to fund their accounts with the CBN on Mondays and Wednesdays preceding deliveery day of Tuesdays and Thursdays, Mr. Okorafor further hinted.

By this development, BDC operators would now heave a sigh of relief following sharp appreciation of the Naira against major foreign currencies as a result of which speculators have been counting their losses.

Sunday Olatunji
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93. Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism. He had done many courses in communication, including the EU-BBC Editing Course in 2002. Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013). He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers. He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 - 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 - 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor. Dele Fashomi is now the Publisher/Editor-in-Chief of newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye - DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography - AGAINST ALL ODDS. There are many other books in the works under his pen.