$15,000 special Xmas intervention sale to BDCs begins today


The $15,000 weekly Yuletide special intervention foreign exchange (forex) sales to Bureau de Change (BDC) operators commences today, the Central Bank of Nigeria (CBN) has announced.

In a statement, signed by CBN Director, Trade & Exchange Department, U. Abdullahi, he explained that with the approach of yuletide season and the resultant increase in the demand for Personal/Business Travel Allowances, the apex bank has in addition to the existing market days, Monday, Wednesday and Friday, introduced a special intervention day every Thursday. Each BDC operator will get  $15,000 commencing today.

“ Consequently, all BDCs should note that the cut-off time for receiving Naira deposits into their respective bank accounts for the Thursday’s special intervention shall be 10am on the Thursday. All operators are hereby advised to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers as any case of infraction will be appropriately sanctioned,”  Abdullahi said.

In addition,  the CBN yesterday injected  $210 million into the inter-bank foreign exchange market.

Authorised dealers in the wholesale segment of the market, in Monday’s sales, received the sum of $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55million each.

The CBN Director in charge of Corporate Communications Department, Isaac Okorafor, confirmed the figures and restated the Bank’s resolve to meet genuine customers’ request in the various segments of the market especially in the preceding period of the yuletide and in the New Year.

The CBN Governor, Godwin Emefiele, while delivering the annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday, had warned speculators not to bet against the Naira. Despite the uptick in the exchange rate last week, Emefiele said the Bank had enough reserve to defend the Naira.

It will be recalled that on Friday, November 30, 2018, the Bank injected a total sum of $331.22million in retail Secondary Market Intervention Sales (SMIS) and CNY51.86 million in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday, December 2, 2018 continued to exchange at an average of N365/$1 in the Bureau De Change (BDC) segment of the market.

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