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Wednesday, 17 August 2016

The Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) has increased the maximum amount that would be sold to Bureau De Change, BDCs operator across the country from $30,000 to $50,000 per week.

The disclosure was made at the Bankers’ Committee meeting which was held in CBN Headquarters, Abuja on Tuesday.

Mrs Tokunbo Martins, The Director, Banking Supervision Department, CBN, said that apart from increasing forex limits to BDC, decision was also taken to start disbursing the special intervention fund to support primary agricultural projects and core manufacturing.

According to Tokunbo Martins “the CBN took from the bank’s cash reserves called the special intervention fund, that fund has been with the CBN for some time.”

Speaking further on the dollar sales to BDCs, the Managing Director, United Bank for Africa, Mr Kennedy Uzoka said the move was informed by the fact that Nigeria is in a period where a lot of dollar would be needed to meet financial obligations of overseas students.

He added that it was imperative to also increase the weekly sale of dollars to BDCs in order to meet the rising demand of those traveling abroad for business trips.

Also speaking on the development, CBN Spokesperson, Mr Isaac Okorafor said the apex bank will monitor the process strictly in order to avoid abuse by people.


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