The bank, in a circular to BDC operators and the public, which was signed by Aliyu Mahdi, Acting Director of the Trade and Exchange Department, said that the directive was to normalise the foreign exchange market through ongoing reforms.
The circular with the title, “Sales of Foreign Exchange To BDCS To Meet Retail Market Demand For Eligible Invisible Transactions”, outlined the rationale behind the directive.
The regulator said that persistent distortions in the retail market were contributing to disparities in exchange rates, particularly in the parallel market.
