Cbn increases dollar sale bdcs 50000week
It seems like you're referring to the Central Bank of Nigeria (CBN) increasing the sale of dollars to Bureau De Change (BDC) operators by $50,000 per week.
To provide more context, the CBN has been implementing various measures to stabilize the foreign exchange market and ensure a more efficient allocation of foreign exchange resources. One of these measures is the increase in the sale of dollars to BDC operators, which are licensed to buy and sell foreign currencies to individuals and businesses.
By increasing the sale of dollars to BDC operators, the CBN aims to:
- Improve liquidity in the foreign exchange market: By increasing the supply of dollars, the CBN hopes to reduce the scarcity of foreign exchange and make it more readily available to those who need it.
- Enhance the efficiency of the foreign exchange market: By providing more dollars to BDC operators, the CBN aims to reduce the premium on the parallel market and make it more competitive with the official market.
- Support economic growth: By making foreign exchange more readily available, the CBN hopes to support economic growth and development by enabling businesses and individuals to access the foreign exchange they need to import goods and services.
It's worth noting that the CBN has been implementing various other measures to stabilize the foreign exchange market, including the introduction of a new foreign exchange management framework, the establishment of a foreign exchange auction system, and the implementation of a cashless policy for foreign exchange transactions.
Overall, the increase in the sale of dollars to BDC operators by $50,000 per week is a positive development that is expected to improve liquidity in the foreign exchange market, enhance the efficiency of the market, and support economic growth in Nigeria.