CBN resumes daily $20,000 forex sales to bureaux de change to stabilise the naira.

The Central Bank of Nigeria (CBN) has restarted daily forex sales of $20,000 to qualifying Bureaux de Change (BDCs) following a three-year hiatus.

This step is intended to correct anomalies in the forex market and stabilise the Naira’s value. Eligible BDCs must deposit Naira payments into specified CBN accounts and follow strict paperwork guidelines.

The idea is part of a broader effort to develop a market-driven exchange rate and discourage BDCs from charging exorbitant markups.

Businesses, notably Retail Supermarkets Nigeria Limited, are responding to naira swings by altering prices and implementing new procurement techniques.