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Central Bank of Nigeria Injects additional $31m into BDC as Naira falls to N395

Image result for dollar and naira

The Central bank of Nigeria (CBN), intervened in the bureau de change (BDC) segment by selling additional $31.3 million or $10,000 to 3,135 BDCs, even as the naira depreciated to N395 per dollar in the parallel market.

The special intervention was meant to meet the increase in forex requests by low-end customers using it for legitimate needs like school fees, medical bills, mortgage,  etc. Banks are meant to stick to the newly amended policy of selling not more than $10,000 only to BDCs once a week. 

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