Wednesday, April 24, 2024
Home Business EXCHANGE RATE  CBN  ALLOCATES $20,000 EACH TO BDC TO STABILISE NAIRA.

EXCHANGE RATE  CBN  ALLOCATES $20,000 EACH TO BDC TO STABILISE NAIRA.

 

In a bid to  rectify the persisting distortions in the retail segment of Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has taken  step to bridge the widening gap in the exchange rate

Through a new circular by Dr Hassan Mahmud, the Director of Trade & Exchange Department,

The CBN , announced its decision to distribute $20,000 to each eligible Bureau De Change (BDC) operator across the country.

This initiative is part of the broader efforts to achieve a market-driven exchange rate for the Naira and alleviate the pressures feeding into the parallel market.

 

 

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