CBN to offer BDCs dollars at 360/$

Nigeria’s central bank is expected to make available $20,000 to each of the country’s 3,150 registered forex bureaus on Thursday at a rate of 360 naira per dollar in order to boost liquidity, the head of the bureau de change association said.

The central bank has sold more than $4 billion since it started its aggressive intervention on the currency markets in February, analysts say. It has also pursued a multiple exchange rate regime which economists say has masked the pressure on the currency.