Central Bank of Nigeria Sells Foreign Exchange Worth $7.4Bn To Bureau-de-Change Operators

The Central Bank of Nigeria (CBN) has sold foreign exchange worth $7.4 billion (N925 billion) to Bureau-de-Change (BDC) operators since the commencement of its liberalization policy in March 2006.

Farouk Suleiman, former president of the Association of BDC Operators of Nigeria (ABCON), who made this known at the association’s annual general meeting held in Lagos, also said the liberalization policy has resulted in massive increase in the number of functional BDCs from 149 in 2002 to over 516 as at November 2007.