Business & Finance

Nigerian Banks Begin Dollar Sale To Black Market Operators

Dollrars, Stack of Money, Money, Stack of dollar

Nigerian banks are set to sell foreign currencies to Bureau De Change Operators (BDCs).

An accountant, Mr Harisson Owoh, on Monday said that the Naira will be on the path to recovery as sale of dollar to the BDC, popularly known as Abokis begin.

Owoh, a BDC operator, in Lagos said that its members had received signals from banks to fund their accounts in readiness for the sale.

According to him, the resumption in dollar sale to BDCs will see the dollar appreciate in all the segments of the forex market.

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Central Bank of Nigeria (CBN) had, in a circular, directed Deposit Money Banks (DMBs) to resume the sale of Forex from proceeds of international money transfers to BDCs.

The CBN said that the move was to bring in critical stakeholders in the Forex market to participate in driving its vision for a greater flexibility in the nation’s exchange rate policy.

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