ABUJA – Foreign exchange sales to operators of Bureaux De Change across the country will resume in no distant time, the Central Bank of Nigeria (CBN), said on Wednesday, apparently in line with the move by President Muhammadu Buhar’s to reopen the economy.
The suspension of the weekly sale of foreign exchange to BDC operators, by the apex bank in a bid to contain the spread of the COVID-19, had seen a spike in the demand and cost of the dollar leading to the fall of the Naira to N460 per dollar at the parallel market.
In a statement on Wednesday by its spokesman, Isaac Okorafor, the bank announced that it had concluded arrangements to commence the sale of dollars to the operators as soon as the ban on international flights is lifted.
“The CBN has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume. With these actions, the CBN wishes to reiterate that it is adequately meeting the needs of all legitimate users, and our continued capacity to do so should not be in doubt,” the statement, said.
Okorafor, Director of Communication, added: “There is therefore no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates. Given this, the bank has ramped up its surveillance of the foreign exchange markets for speculators, smugglers and other illegal users, and will take decisive actions against anyone/institutions involved in such nefarious activities.”
The bank also informed that the development would support the economy to revamp as the lockdown in Lagos, Ogun States and the Capital Territory, Abuja would be relaxed May 4.