The Central Bank of Nigeria has buoyed sales of dollars to commercial banks by more than 200 percent, to keep up with its promise made on July 27, 2021.
Following its decision to discontinue the sale of foreign exchange to Bureau De Change (BDC) operators, the apex bank has been taking actions to ensure that the economy runs smoothly while these merchants remain on the sidelines.
The apex bank's decision immediately puts pressure on the commercial banks. But in order to meet up with increased demand, Nigerian banks are now getting much more foreign exchange from the CBN. Apparently, the supplies which were meant to go to BDCs have been redirected to commercial banks.
Banks that used to receive about $1.3 million are now receiving up to $4 million, according to a report by BusinessDay, which cited an anonymous source.
This is coming as Nigeria's external reserves have begun to respond to oil price increases. Data from the CBN showed that gross official reserves rose by USD79m to USD33.4bn in July.
The buffer of Nigeria's economy which went on a steady decline to USD33.09bn in the first 12 days of the month, began to edge up in the remaining days of July.
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