CBN resumes forex sale to BDC operators after three years

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.

The development came three years after the former CBN governor, Godwin Emefiele, announced the suspension of foreign exchange sales to BDC operators.

The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.

According to data obtained from the CBN website, there are 5,690 BDC operators nationwide.

However, about 1,373 BDC operators have been screened to get the allocation. The breakdown include Abuja, 186; Awka,  26; Kano, 376; Lagos, 785.

On July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs accusing them of trading FX wholesale that amounts greater than USD 5000, in contravention of their licences, and Nigeria’s FX regulations.

The former CBN governor then said the BDC operators had deviated from the objectives they were set up and had become agents facilitating graft and corruption in the country.