5,180 BDCs Get $51.8m On Forex Sales Resumption
* CBN Grants 4 Firms Permission To Import Maize
About 5,180 Bureau De Change operators got $10,000 each as the Central Bank of Nigeria fully resumed foreign exchange sales to the operators on Monday. The CBN had earlier announced it would commence sales of foreign exchange to BDCs on Monday as part of efforts to enhance accessibility to foreign exchange.
However, the effect of the forex sale resumption was yet to be felt as naira exchanged to the dollar on the parallel market at N430 to the dollar on Monday. Speaking with our correspondent, the President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said all the 5,180 BDCs had funded their accounts with naira and would be paid $10,000 each.
As of the time he spoke with our correspondent, he said about 5,120 BDCs had been paid even though the payment started a bit late. He said, “Each one got $10,000. We expect all the BDCs to get because we have about 5,180 BDCs that have funded their accounts.” According to him, only about 100 to 150 members who were having issues of suspension may not get paid. Gwadabe commended the apex bank for the resumption of dollar sales to BDCs.
Meanwhile the Central Bank of Nigeria (CBN) has given approval to four Nigerian firms to import 262,000 tons of maize in order to forstall its shortage in the country.
The firms comprise Crown Flour Mills Limited, Premier Feeds Company Limited, Chi Farms Limited and Wacot Limited.
A memo by Nigerian Customs Service (NCS) and signed by Deputy Comptroller General, T.M Isa, revealed that the firms have been issued emergency approval by the bank to import maize into the country.
The memo reads: “In line with the government’s policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet the anticipated shortfall; the CBN has granted approval for the underlisted companies to import maize in the quantities stated below.” The decision by the CBN comes in the wake of a policy shift; barring the importation of maize in a move aimed at self-sufficiency and also conservation of the foreign exchange; spent annually in bringing the commodity into the country.
According to the memo, banks are to conduct the transactions with the companies’ names as well as the quantity each of them is approved to import. Given the breakdown, Wacot Limited has been approved to import 60,000 tons and conduct the import transactions of the approved capacity in equal proportion with Citibank as well as Titan Trust Bank.
