The Central Bank of Nigeria (CBN) has reduced the value of foreign exchange to be sold to Bureau-de-Changes (BDCs) across the country per week from US$75, 000 to US$50,000 representing a decline of 33.33 per cent.
This was communicated to Authorised Dealers and BDCs via a circular signed by Director, Trade Exchange Department, Batari Musa.
The apex bank said that "Effective July 9, 2012 the amount of cash foreign exchange to be sold to BDCs by the CBN shall be US$50,000.00 per week per BDC"
This is the second time this year that the apex bank is reviewing the amount of dollar it sells to BDCs. Recall that in March, the amount was reduced to US$75,000 from US$100,000 per week.
This reduction, analysts believe may be to rein in the level of foreign exchange available to BDCs, having increased by 100 per cent the amount of foreign exchange that banks can sell to them.
The apex bank had last year approved a maximum of $USD 1 million for each Authorised Dealer to sell to BDC Operators per week from autonomous funds.
Meanwhile, the CBN sold a total of US$601.09 million to Authorised Dealers during the two sessions Wholesale Dutch Auction Sales (WDAS) this week.
The Naira gained 30kobo at the Central Bank of Nigeria (CBN)'s bi-weekly Wholesale Dutch Auction System (WDAS) held on Wednesday.
The WDAS result obtained by LEADERSHIP indicate that while US$350 million was offered and sold at the first auction held on Monday, the remaining US$251.09 million was sold during the Wednesday auction, even though the apex bank offered US$300 million.