Nigeria opens up official dollar market to bureaux de change
Move aims to strengthen retail FX liquidity and close spreads with exchange rate in informal economy
The Central Bank of Nigeria (CBN) has begun to allow bureaux de change to access the official foreign exchange market, in a move aimed at boosting retail liquidity and closing the spread between the official and unofficial exchange rates.
In a circular on February 11, Musa Narkoji, director of the CBN’s trade and exchange department, announced that authorised bureaux could each buy up to $150,000 a week from the official FX market.
The policy, he said, was to “ensure the availability of adequate
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