The Central Bank of Nigeria has resumed forex sales to Bureau De Change operators after a four-month break.

On Friday, the bank confirmed selling $122.67 million to 46 authorized dealers.

Dr. Omolara Duke, the Bank’s Director of Financial Markets, stated that this release aims to promote stability and reduce market volatility in the foreign exchange market.

The statement partly read, “The Central Bank of Nigeria has sold $122,671,000 to 46 authorized dealers to promote stability and reduce market volatility in the foreign exchange market.”

Last month, Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria, noted that the apex bank had halted supply to the BDCs since March, moving towards full liberalization of the foreign currency market without its intervention.

He said, “The BDC window has been suspended by the Central Bank of Nigeria since around March. The last time we were funded was around March.”

This suspension led to further depreciation of the naira, reaching N1554/$ at the official market on Thursday.

Earlier this week, Nigeria’s external reserves increased to $35.05 billion as of July 8, 2024, crossing the $35 billion mark for the first time under President Bola Tinubu's administration.


https://thescrutinyng.com/2024/07/12/cbn-distributes-122-67m-among-46-licensed-dealers/

Yet, it seems like the dollar's value is still increasing rapidly. As of now, it is over 1,619 naira to $1. This could have significant impacts on the economy and everyday transactions for people in Nigeria.