• CBN begins enforcement of dollar sales to BDCs

    CBN begins enforcement of dollar sales to BDCs

    To increase the volume of dollar in the market and stabilise the naira, the Central Bank of Nigeria (CBN) may compel banks to sell foreign currency proceeds of international money transfers to Bureaux De Change (BDCs).

    The CBN is likely to begin the enforcement of its directive to that effect soon, it was learnt yesterday. In a July 22 circular to the banks, titled:  “Sales of foreign currency proceeds of international money transfers to BDCs”, signed by its Acting Director, Trade & […]