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935 BDC operators get CBN’s forex in NorthWest

The Central Bank of Nigeria (CBN) has said that no fewer than 935 eligible Bureau De Change (BDC) operators within the North West are receiving…

The Central Bank of Nigeria (CBN) has said that no fewer than 935 eligible Bureau De Change (BDC) operators within the North West are receiving foreign exchange (forex).

The Controller of CBN, Kano branch, Umar Ibrahim Biu, who disclosed this while delivering a keynote address during the Kano Bankers Committee Dinner and Award in Kano, said, “Following the commencement of the sales of foreign exchange to eligible Bureau de Change operators in some selected states, Kano branch, which is among the states selected, has sold foreign exchange to a total of 935 of the operators within the North Western region of the country,” noting that the action had assisted greatly in stabilising the value of the naira against the dollar.

He also disclosed that last year, Deposit Money Banks (DMBs) deposited a total of 91,983 boxes amounting to N465bn and withdrew a total of 64,895 boxes worth N314bn at both the CBN’s Kano branch and the Bankers’ Warehouse.

He explained that, “This shows an increase of N33.8bn in total cash deposited and N134.1bn in total cash withdrawn when compared with the previous year’s transaction levels of N432bn and N180.8bn respectively.

Biu urged everyone to handle the naira with care to help protect its physical integrity.

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