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FOREX: CBN’s $51.8m Monday intervention lacks impact

However, the effect of the forex sale resumption was yet to be felt as naira exchanged to the dollar on the parallel market at N430 despite the intervention.

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BDC Operators

The market is yet to feel the impact of $51.8 million forex intervention by the Central Bank of Nigeria (CBN) as the apex bank resumed dollar sales to Bureau De Change operators in the country.

In line with it’s earlier announcement, the CBN made the sum of $10,000 available to each of 5,180 that benefited from it’s efforts to save naira on Monday.

However, the effect of the forex sale resumption was yet to be felt as naira exchanged to the dollar on the parallel market at N430 despite the intervention.

Speaking with our the press, Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria, said all the 5,180 BDCs had funded their accounts with naira and would be paid $10,000 each.

As of the time he spoke with the media, he said about 5,120 BDCs had been paid even though the payment started a bit late.

He said, “Each one got $10,000. We expect all the BDCs to get because we have about 5,180 BDCs that have funded their accounts.”

According to him, only about 100 to 150 members who were having issues of suspension may not get paid.

Gwadabe commended the apex bank for the resumption of dollar sales to BDCs.

He urged BDC operators to reciprocate the gesture of the CBN by ensuring strict compliance with all regulatory requirements.

The ABCON president charged the BDC operators to avoid any transaction not within the scope allowed by the apex bank so as to avoid sanctions.

Recall that through Isaac Okoroafor, its director of corporate communications department, the CBN had earlier assured that those requiring foreign exchange for purposes of travel, educational fees and other invisibles could obtain such over the counter from their respective banks.

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