Naira appreciation: CBN orders all BDCs to re-apply, issues updated guidelines

The Central Bank of Nigeria has ordered all Bureaux De Change Operators to re-apply for licenses to sustain Naira’s appreciation against the dollar.

The apex bank disclosed this on Wednesday in a statement signed by its Director of Financial Policy and Regulations, Haruna Mustapha.

“All Existing BDCs shall re-apply for a new license according to any tiers or license category of their choice as provided in the guidelines,” the Bank partly said in a new guideline to BDC operators.

Recall that the apex bank issued draft guidelines to BDCs in February, during which it resumed sales of foreign exchange currencies to the FX parallel market.

Since then, the bank has released FX three times to BDC operators to defeat the Naira.

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The Naira appreciated against the Dollar until mid-April when depreciation set in.

For the past four days, the Naira had continued appreciation against the Dollar, trading at N1462.59 per Dollar on Wednesday, according to FMDQ data.