The Central Bank of Nigeria on Wednesday sold $250m to 3147 registered Bureau De Change operators nationwide, according to a NAN report.

The Association of Bureau De Change Operators of Nigeria, President, Alhaji Aminu Gwadabe said the sales of the foreign currency to the BDCs would boost the naira exchange rate as it would impact the market liquidity positively.

He further stated that the “sale and distribution is on-going to all the CBN licensed BDCs today.”

According to the President, Nigerians with legitimate needs for forex should visit any CBN registered BDC to purchase dollars with relevant documents at N399 to a dollar — CBN stipulated rate.

He also called on Nigerians to report any member selling above the CBN regulated rate and advised them to report to the appropriate authorities as the details of all the BDCs are on the CBN official website.

The local currency has depreciated since the CBN stopped the sales of foreign currency in December, this has deepened the dollar scarcity and further plunged the naira to N497 against the dollar at the parallel market.

But traders are optimistic that the resumption of sale to the BDCs will aid the Naira exchange rate going forward, and expected the surge in oil prices to continue to support revenue generation as seen in recent time.

http://investorsking.com/cbn-resumes-sales-forex-bdcs/

We hope this helps !

Abeg e go bring dollar down?

the over 8 exchange rate country continues

This useless APC government have nothing to offer. They keep changing policy everyday like a woman on period changing her pad

They need to up their games
Thought Kemi said they gonna eradicate bdc?

tundafayaBuhari:
This useless APC government have nothing to offer. They keep changing policy everyday like a woman on period changing her pad

lol.

They are having unregulated Menses

Anijay1212:
Abeg e go bring dollar down?

Yes, to some extent.

Aftr all d DSS gra gra

"According to the President, Nigerians with legitimate needs for forex should visit any CBN registered BDC to purchase dollars with relevant documents at N399 to a dollar — CBN stipulated rate."

Who doesn't know that it's only friends of the government that only have legitimate need for dollars who will in turn sell it to mallams at higher prize..
How many production company has folded or left Nigeria due to forex scarcity
U think ur doing me

PAUSE AND RESUME.. ARE THEY SIMILAR TO MMM?

tundafayaBuhari:
This useless APC government have nothing to offer. They keep changing policy everyday like a woman on period changing her pad

You dey mind them ?

Confused Government

And I bought dollar 497 yesterday

Welcome development

Will it help the current situation?

Rates will reduce considerably in 24 hours.

The CBN needs to possibly lift the veil of incorporation on these BDCs...

There is a lot of round tripping going on and top officials of the CBN may be involved in it cos there is very wide gap between the official exchange rate and the black market which encourages corruption

Nigerians be like to Buhari

okay

Another thing is making sure the BDCs sell and don't hoard it

koladebrainiac:
They need to up their games
Thought Kemi said they gonna eradicate bdc?

This is the best solution to reduce inflation,they must flood the market with dollar to reduce the exchange rate,this step alone can get us out of recession

I thought our finance minister said recently that BDCs will soon be a thing of the past?

Good move, hope it's sustainable, but it's not everyone that has access to the internet to check CBN licensed BDC

Welcome development

Trial and error government. As reliable as a chameleon

Does cbn governor and buhari have interest in BDC?They should have given the dollars directly to manufacturers who need them to purchase raw materials for their production.Buhari who has been preaching diversification of economy is spending billions on oil exploration in lake Chad and Benue state.He and his economic team didn't even introduce ideas on how to diversify.

wilcox:
Will it help the current situation?

I doubt it.They benefit from this scheme individually.

Werey

Can someone please tell me what Nigeria gains from selling dollars to BDCs apart from throwing our hard earned forex into a bottomless pit.

bettercreature:
This is the best solution to reduce inflation,they must flood the market with dollar to reduce the exchange rate,this step alone can get us out of recession

This is obviously not the best. Except there is an advantage Nigerian economy gains from BDCs that I don't know about.

Selling dollars to BDC is like throwing cash to the street. People will never get tired of picking it. Even those who do not need it will pick.

If you keep selling to BDC how do you regulate who they sell to. With BDC, even people that wants to spray at parties will buy. It now becomes a battle of the highest bidder between genuie importers and party sprayers.

Imagine someone ☝ there saying he bought dollar at 497 yesterday. Please of what genuine use could someone who have the time for Nairaland need dollar for?

So many exchange rates. CBN. Hope you guys know what you're doing.

From what is going on, it seems Buhari is the one dishing out orders and when it backfires, then reversal to old way is their only option.

I feel sorry for we Nigerians, the suffering is too much.

Only an irresponsible government does this.