L
LequteMan
Guest
The Central Bank of Nigeria, CBN, has made fresh moves to arrest the continued fall of the naira at the unofficial black market, The Nation reports.
The apex bank has decided to flood the parallel market with the greenback to ensure that it is available, and thus stop the naira's continued depreciation.
To do this, CBN will start to force commercial banks to sell dollars to bureau de change operators. The bank had sent a circular to banks weeks ago to this effect but few are complying with the directive.
The apex bank is also in talks with the banks and international money transfer agents like Western Union and MoneyGram to see that at least 50 per cent of the $21 billion Diaspora remittances targeted in the policy is channelled through the BDCs.
Burau de Change association President Aminu Gwadabe also said the CBN is processing new applications from prospective operators to widen the international money transfer space.
Accepting new entrants into the international money transfer market would strengthen the naira and get the country out of its currency crises, he said.
The apex bank has decided to flood the parallel market with the greenback to ensure that it is available, and thus stop the naira's continued depreciation.
To do this, CBN will start to force commercial banks to sell dollars to bureau de change operators. The bank had sent a circular to banks weeks ago to this effect but few are complying with the directive.
The apex bank is also in talks with the banks and international money transfer agents like Western Union and MoneyGram to see that at least 50 per cent of the $21 billion Diaspora remittances targeted in the policy is channelled through the BDCs.
Burau de Change association President Aminu Gwadabe also said the CBN is processing new applications from prospective operators to widen the international money transfer space.
Accepting new entrants into the international money transfer market would strengthen the naira and get the country out of its currency crises, he said.
