The Central Bank of Nigeria (CBN) excluded Bureau De Change (BDC) operators from its latest forex sales, amounting to $122.67 million, which was exclusively allocated to authorized banks.
This decision, according to Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria, reflects ongoing restrictions at the NAFEM window, limiting BDCs to access forex interventions.
The CBN’s initiative aims to stabilize the foreign exchange market and reduce volatility, as stated by Dr. Omolara Duke, Director of Financial Markets at the CBN.
This move aligns with previous suspensions of forex supply to BDCs since March.
Despite these measures, Nigeria’s external reserves recently surpassed $35 billion under President Bola Tinubu’s administration.