Bureau de change can now access $50,000 weekly- CBN

The Central Bank of Nigeria (CBN) has raised the amount of foreign exchange that Bureau de Change (BDCs) can access from $30,000 to $50,000.

  Directors of the apex bank and some Managing Directors of Deposit Money Banks explained that the decision was to make more foreign exchange available to members of the public, especially as students were to return to school.

 The CBN Acting Director of Communications, Mr. Isaac Okoroafor, explained further that the decision to raise the volume of cash sold to BDCs was, “to ensure that, especially now that students are going back to school, they get enough for school fees, students maintenance allowances and of course for BTA and PTA. “It is not a policy reversal. During economic crisis, policy makers must watch policies and instruments and must be able to change them. Unless you want to say that increasing sales of forex to BDCs to ease the current foreign exchnage challenges is a policy reversal.   It is not.   It is actually a policy improvement.” He said that the CBN would strictly monitor the process to ensure that it is not abused and warned that, “any BDC that tries to circumvent this decision will be severely punished.