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That Central Bank of Nigeria (CBN) has announced that the resumption of currency sales to the Bureau De Change will begin on August 31, 2020.
CBN revealed the decision to start foreign exchange sales to BDC operators was due to the limited resumption of international travel in the country.
The circular view The Street Journal revealed that currency sales will take place on Mondays and Wednesdays in the first place.
The note, which was addressed to all Bureau De Change (BDC), reads:
SUMMARY OF SALES TO BUREAU DE CHANGE (BDC) OPERATORS
In an effort to increase the availability of foreign currency, especially for travelers, following the announcement of the limited resumption of international flights by the Honorable Minister of Aviation, beginning with Abuja and Lagos, the Central Bank of Nigeria hereby informs the public that the gradual sale of currency for licensed BDC operators will take effect on 31 August 2020.
Therefore, BDCs’ purchases of foreign currency must take place on Mondays and Wednesdays in the first instance.
The BDCs must ensure that their bank accounts are financed daily with the corresponding Naira proceeds on Fridays and Tuesdays.
Meanwhile, authorized dealers (deposit banks) continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter when presenting relevant travel documents (passports, airline tickets and visas).
All authorized dealers and Bureau De Change (BDC) operators are hereby encouraged to ensure strict compliance with the provisions of the applicable rules on the payment of foreign currency cash to travelers, as any breach will be adequately sanctioned.
The Bank of Nigeria also issued a circular authorizing traders instructing them to sell forex to end users for N386 / $ 1.
The circular from CBN states that
”Please note that the current exchange rate for the payment of dividends by IMTOs for the period Monday 31 August to Friday 4. September 2020 is as follows:
- IMTSOs for banks – N382 / $ 1
- Banks for CBN – N383 / $ 1
- CBN to BDCs – N384 / $ 1
- End-user BDCs – No more than N386 / $ 1
- Sales volume for each market is $ 10,000 per. BDC
Below is a copy of the note