110 Bureau-de-Change Operators have being approved by CBN to Sell Dollars

No fewer than 10 Bureau-de-Change operators have being cleared by the Central Bank of Nigeria (CBN) to partake in the weekly dollar sale to boost liquidity and support the naira which is weak on the black market.

The president of Nigeria’s bureau de change operators, Aminu Gwadabe said “the central bank has cleared a total 3,124 operators for this week’s $25 million auction to be sold by international money transfer firm, Travelex, at 381 naira per dollar.”

He also said that only 3,114 bureau received CBN’s approval last week.

The CBN, under pressure from the government to narrow the gap between the official and black market rates and support the weakening naira, has stepped up dollar sales on the official interbank market in recent weeks.

The apex bank also announced an offer for $100 million in currency forwards.