CBN suspends forex sales to BDCs over pandemic

The Central Bank of Nigeria has granted a two- week market holidays to the bureaux de change operators.

This followed a request by the Association of Bureaux De Change Operators of Nigeria to the CBN for the regulator to grant it market holidays given the ongoing challenges faced in local and global economies due to the impact of the coronavirus pandemic.

In a notice to the BDC operators and directors, Aminu Gwadabe, the president, ABCON, said the CBN’s approval meant that sales of foreign exchange to the BDCs were now suspended till further notice.

Gwadabe also advised the public not to go into panic buying, hoarding and patronising the street traders as the CBN had enough reserves to sustain supplies when the BDCs returned to operations.

A statement said the CBN had also acknowledged the contributions of the BDCs in promoting stable exchange rate in recent months, despite challenging circumstances facing the forex market due to drop in crude oil prices.

It stated, “This is to urgently bring to the notice of our members nationwide that following our letter of recommendations to the CBN to grant us market holidays on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels, the CBN has granted our request, effective Friday March 27, 2020

“There shall be no market days henceforth for a tentative period of two weeks.”