CBN increases dollar sale to BDCs to $50,000

The Central Bank of Nigeria has approved an increase in the maximum amount that would be sold to each licensed Bureau De Change operator from $30,000 to $50,000 per week.

The decision was taken at the Bankers’ Committee meeting which was held at the headquarters of the CBN on Tuesday in Abuja

The Director, Banking Supervision Department, CBN, Mrs Tokunbo Martins addressed journalists shortly after the meeting.

She was accompanied during the briefing by the Managing Director, United Bank for Africa, Mr Kennedy Uzoka; MD Zenith Bank Plc, Mr Peter Amangbo; MD Jaiz Bank Plc, Mr Hassan Usman and the CBN Acting Director, Corporate Communications, Mr Isaac Okoroafor.

Uzoka said the move was informed by the fact that Nigeria is in a period where a lot of dollar would be needed to meet financial obligations of overseas students.

He said it was imperative to also increase the weekly sale of dollars to BDCs in order to meet the rising demand of those traveling abroad for business trips.