No Weekly FX Sales to Bureau De Change – CBN

The Central Bank of Nigeria (CBN) has denied a move to return to weekly forex sales to Bureau De Change operators in the country.  In an official statement, the CBN said its attention has been drawn to a story making its rounds that the apex bank is reportedly resuming weekly US dollar sales to BDCs operators.

“The speculation is false and aims to trigger panic and uncertainties in the FX market, which the CBN is working to stabilise as evidenced by its recent work and policy directions. Similar false narratives have been read on the work of the CBN over the past few months and it is clear that vested interest determined to sabotage our efforts”, the statement reads.

The apex bank told the general public that it is working assiduously towards the revised regulatory and supervisory guideline for BDCs operations in Nigeria for stakeholders. It said the new guideline dated February 23 2024 will significantly enhance the regulatory framework for the operation of currency exchangers as part of the ongoing reforms in the forex market.

The apex bank assured the general public that it is working to build confidence and stabilise the economy. The CBN told stakeholders to disregard stories aimed at causing panic in the system and see such as fake as part of a ground plan to sabotage the economy. #No Weekly FX Sales to Bureau De Change – CBN

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