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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.

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