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CBN Sets New Limit for Sale of Foreign Exchange Cash to Bureaux de Change

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The Central Bank of Nigeria, CBN, yesterday, set a new limit  of $30, 000.00 per week for the sale of foreign exchange cash from the Authorised Dealers, ADs  to  Bureaux de Change, BDCs, just as the Naira depreciated to N350 per dollar.
The apex bank also warned Authorised Dealers to refrain from accessing its Discount Window on the settlement date for government securities’ auctions.
The securities are CBN Bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds.
The warning, according to the CBN Circular Ref: FMD/DIR/GEN/CIR/07/005 to all authorised Dealers titled “Access to the CBN Discount Window” signed by Director, Financial Market Department, CBN, Dr. Alvan E. Ikoku  is coming in view of the observed abuse of access to the CBN Standing Lending Facility by authorised dealers.
The CBN warned the authorised dealers to comply as any violation will result in their denial of access to its Standing Lending Facility.“You are reminded that authorised dealers who come to any of the CBN’s windows are prohibited from interbank foreign exchange market on the same day”  Ikoku stated.
Meanwhile, the CBN  also yesterday said it will this year allow banks to write off bad loans for which they have already made provisions to help them to clean up their balance sheets.

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