Business

CBN Increases Dollar Sales To BDCs

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The Central Bank of Nigeria has pushed up weekly dollar sales to BDCs to 50,000 dollars. This is an increase from the 30,000 dollars it was pegged last week. The apex bank says this is not a policy summersault but in response to foreign exchange needs of the moment.

It attributes this development on the need to meet demand and stabilize the naira. The apex bank says its focus is now on the shrinking state of the economy. It says a specialization fund, which is a fraction of bank deposits domiciled with the CBN will be given as loans to stimulate the economy.

The bankers’ committee says factors beyond the sector’s control are responsible for the wide margin between savings and lending rates. It assures that efforts will be made help the situation.

The banks also hope to get more Nigerians financially included. A move targeted at an eighty percent inclusion rate. The banks are to embark on a massive savings sensitization campaign later this year. This is in furtherance of its financial inclusion drive

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