CBN Clears More BDCs For International Money Transfer Operators’ Dollar Purchase

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In a bid to deepen the foreign exchange market, the Central Bank of Nigeria (CBN) has confirmed another 3,114 Bureaux de Change (BDCs) to buy dollars sourced from International Money Transfer Operators (IMTOs).

Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria (ABCON) who disclosed this yesterday stated that the IMTOs cash will be purchased this week.

According to Gwadabe, the CBN will next week, raise the weekly dollar supplies to BDCs from $8,000 to $15,000.

Recall that the Apex bank in May, 2016, approved 35 licensed IMTOs which include Aftab Currency Exchange Limited, AWS Malta Limited, Caperemit UK Limited, Centrexcard Limited, Colony Capital Limited among others.

Others are Ria, Western Union, MoneyGram, WorldRemit RANS-Fast Remittance, UAE Exchange Center LLC, Wari limited, and Home Send S.C.R.L among others to help Nigerians in Diaspora remit dollar home and boost dollar liquidity.

Meanwhile, the naira closed yesterday at N463 to dollar.

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