935 BDC Operators Get CBN’s Forex In NorthWest

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The Central Bank of Nigeria (CBN) has provided foreign exchange (forex) to 935 eligible Bureau De Change (BDC) operators in the North West region to stabilize the value of the naira against the dollar.

The Controller of CBN in Kano, Umar Ibrahim Biu, revealed this during the Kano Bankers Committee Dinner and Award, highlighting the positive impact of the forex sales on currency stability.

Biu noted that the sales of forex to BDC operators in selected states, including Kano, had helped stabilize the value of the naira. Additionally, he shared that Deposit Money Banks (DMBs) deposited N465 billion and withdrew N314 billion in cash transactions at CBN’s Kano branch and Bankers’ Warehouse last year, contributing to increased cash flow compared to the previous year.

The CBN’s support for BDC operators and the cash transactions by DMBs reflect efforts to strengthen Nigeria’s financial system and ensure stability in the foreign exchange market.

Source: Daily Trust

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