CBN Increases Forex Limits for Bureaus De Change to $50,000

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has increased the amount that banks can sell to Bureaus De Change (BDCs) from $30,000 to $50,000 otherwise referred to as Black Market Operators.

The Managing Director of UBA Mr. Kennedy Uzoka at the end of the Bankers’ Committee meeting in Abuja on Tuesday made the disclosure.

According to him, the decision to increase the amount that banks can sell to BDCs was taken to drive down the price and ensure that people get enough to pay school fees as schools are about to open and grieving that people who will be traveling at this period will require Basic Travel Allowance (BTA) and PTA.

The decision, the bankers’ committee said, was was not a reversal of earlier decision but a tweaking of the earlier decision because the country is battle a dollar crisis.

The Managing Director of Zenith Bank, Peter Amangbo, in his address, told journalists that in keeping with the coming celebration of World Savings Day, all banks in Nigeria will break into different groups to cover all the Local Government Areas in the country to sensitize those at the grassroots on the need for people to save massively.

“The sensitization of the grassroots by all banks is to grow the pool of funds available for lending and the need to save.

“There will always be disparity in savings and interest rate stressing that the gap is not as wide as people think it is and the longer people save the more interest they will earn.

“There are lots of accounts that can be opened with minimal documentation. You don’t need brick and mortar branches anymore because mobile apps are now game changers as a result there is no need to have beaches in Local Government Areas (LGAs).

On her part, the apex bank’s director of Banking Supervision, Mrs Tokunbo Martins disclosed that a decision was taken at the end of the bankers’ committee meeting to start disbursing the special intervention fund to support primary agricultural projects and core manufacturing.

According to her, the special intervention fund will be “for projects that support import substitution, projects that will help protect foreign exchange such that whatever we were importing before can be manufactured.”

“This fund will be released to this kind of projects, it will not be released to any kind of project and once these funds are released there will be some ease on the system and there will be more liquidity so important projects will get financing at a lower single digit interest rate”, she said.

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