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CBN appoints consultant to sell dollar to BDCs effective from Sept 7

By on August 27, 2020 0 206 Views

* CBN to resume dollar sales to BDCs on Sept 7
* To sell dollars at N384/$ to BDCs
* Announces new exchange rate for IMTOs dollars

By Oludare Mayowa

Foreign Exchange

The Central Bank of Nigeria (CBN) on Thursday said it has appointed a consultant to provide wholesale distribution services to Bureau De Change operators in Kano on its behalf, just as the bank announced a new rate of exchange for money transfer cash sales.
The regulatory bank has also announced the resumption of dollar sales to the dollar retail outlets effective from September 7, 2020.

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In a memo signed by the CBN Director of Trade and Exchange, Osoemena Nnaji, the regulatory bank said Mohalkos Standard Consult Limited will now carry out the function of dollar cash distributions to BDCs in Kano, which was hitherto conducted by the apex bank before the lockdown.
“You are to kindly inform your members at the location that representatives of the company would be conducting a biometric data capture of the Directors and encashers of all BDCs at the CBN Kano branch at a date to be communicated,” Nnaji said in the memo to the president of BDCS sighted by the Global Financial Digest.
The CBN in a separate memo also announced a new rate of exchange for the International Money Transfer Operators (IMTOs) effective from August 31.

The CBN said effective from August 31, IMTOs will sell dollars to banks at N382 to the dollar, while banks will sell currency at N383 a dollar to the CBN and in turn, the apex bank will sell to the bureau de change operators at N384 per dollar.
The regulatory bank said the volume of dollar sales should be $10,000 per BDC while the exchange rate for the British pound sterling should be derived from the dollar cross rate on the date of sale.

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The regulatory bank, however, shifted the effective date for the sales of dollars to the bureau de change outlets to September 7, 2020, in view of the shift in the date of resumption of international flights by the government from August 29 to September 5.
Sales of dollars to bureau de change was suspended in the wake of the outbreak of the coronavirus and the attendant lockdown imposed to contain its spread.
The decision on the dollar sales to BDC operators has been awaited as the country plans to reopen international flights on September 5.

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