After the Central Bank of Nigeria (CBN) decided to allow 82 recapitalized Bureau De Change (BDC) operators to access up to $150,000 per week from the Nigerian Foreign Exchange Market (NFEM), expectations of increased foreign exchange liquidity have grown across Nigeria’s financial markets. The action is intended to reduce dollar scarcity in the retail sector of the market, close the gap between official and parallel currency rates, and boost trust in the naira. Industry players characterize it as both strategic and timely.
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