Ahead Of Yuletide, CBN To Begin Special FX Intervention

In anticipation of increased demand for foreign exchange by customers seeking to meet demand for personal/business travel allowance, the Central Bank of Nigeria (CBN), on Thursday said it plans to hold special intervention sales, beginning on Thursday, December 6, 2018.
This special intervention of forex cash sales to bureau de change operators, according to a circular by U. Abdullahi, for the Director of Trade & Exchange Department at the CBN, will be in addition to the existing Monday, Wednesday and Friday.
At the Thursday special intervention day, $15,000.00 will be offered per BDC, while “cut-off time for receiving Naira deposits into their respective bank accounts for Thursday’s special intervention shall be 10.00am on the Thursday.
The CBN urged all operators “to ensure strict compliance with the provisions of the extant regulations on the disbursement of forex cash to their respective customers,” warning that case of infraction will be appropriately sanctioned.