That Central Bank of Nigeria (CBN) announced on Thursday that it would resume the gradual sale of currency to licensed Bureau De Change operators.
In a statement signed by OS Nnaji, director of the Department of Trade and Exchange, apexbank said the forex sale will begin with effect from 7 September.
The bank said the move is part of efforts to improve accessibility to foreign exchange especially by travelers.
“As part of its efforts to increase the availability of foreign exchange, 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 wishes to inform the public that gradually The sale of currency to licensed BDC operators will start with effect from 7 September 2020, ”says the circular.
“Therefore, BDCs’ purchases of foreign currency must take place on Mondays and Wednesdays in the first instance,” it added.
Apex Bank noted that BDCs must ensure that their bank accounts are duly funded with the corresponding Naira proceeds on Fridays and Tuesdays accordingly.
“Meanwhile, authorized dealers (bank deposits) continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter when relevant travel documents (passports, airline tickets and visas) are available,” said Mr Nnaji.
“All authorized dealers and Bureau De Change operators are hereby advised 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.”
Suspension
In March, CBN stopped currency sales to Bureau De Change (BDC) operators.
In a letter dated 25 March, the CBN noted that the suspension complied with the Government’s directive to limit gatherings to a maximum of 20 persons as part of measures aimed at reducing contact between persons and limiting the transmission of coronavirus (COVID-19).
ABCON had previously written on March 24 to the leading bank and recommended stopping the weekly sale of forex to the BDCs.
This was after the apex bank announced that the BDCs were selling dollars to end users on the N380 for a dollar from the original N360 for a dollar.
Previously, the CBN had collapsed the multiple exchange rate policy that determined the value of the naira and adopted a single exchange rate.
The bank adopted a uniform rate for the official rate, including agencies for shift operators, importers and exporters.
According to CBN, IMTSOs for banks will be at N376 per. Dollars, banks to CBN N377 per. Dollar, CBN to Bureau de Change operators N378 per. Dollar, BDCs for end users should not exceed N380 per Dollars and the sales volume for each market is 20 thousand dollars per. BDC.
While the CBN said that the resumption of sales to BDCs is necessary by the proposed plan to resume international aviation operations, the Nigerian government has postponed the resumption of international flights.
The government said it postponed the resumption to ensure all essentials were introduced.
International flights previously scheduled to resume on August 29 will not begin on September 5.
Weak Naira
Meanwhile, checks on PREMIUM TIMES on Thursday showed that the naira was weakening against the US dollar for most of the week.
Data obtained by this newspaper showed that the naira sold on the N477 against a (US) dollar on the parallel market on Thursday.
Further analysis showed that the Nigerian currency has maintained the same N477 / $ 1 value since last Monday. However, it was bought on the N472 on the parallel market on Thursday.
Similarly, while the naira was valued at the N615 against the British pound, it sold for the N555 against the Euro until press time on Friday morning.
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