The Bureau De Change (BDC) operators have attributed the recent strong performance of the naira to the implementation of the Central Bank of Nigeria (CBN) policy which allows authorized dealers to sell foreign exchange directly to these licensed currency traders.
The BDC operators revealed that there is a lot of forex inflow coming into the interbank window with growing investors’ confidence and huge portfolio investments coming into the banks.
The apex bank had in December 2024, introduced a revised guideline that permits licensed BDC operators to purchase foreign exchange directly from Authorized Dealers as part of its move aimed at streamlining Nigeria’s forex market enabling the naira to reflect its true value.