The Central Bank of Nigeria (CBN) has increased the maximum amount that would be sold to Bureau De Change, BDCs operator from $30,000 to $50,000 per week just as it plans to release special intervention funds for Agric and Manufacturing.

These were parts of decisions at the Bankers’ Committee meeting which was held in CBN Headquarters Abuja today (August 16, 2016).

The Director, Banking Supervision Department, CBN, Mrs Tokunbo Martins disclosed that apart from increasing forex limits to BDC, decision was also taken to start disbursing the special intervention fund to support primary agricultural projects and core manufacturing.

According to Tokunbo Martins “the CBN took from the bank’s cash reserves called the special intervention fund, that fund has been with the CBN for some time.”

This special intervention fund would be for projects that support import substitution, projects that will help protect foreign exchange such that whatever we were importing before can be manufactured.

Speaking on the dollar sales to BDCs, the Managing Director, United Bank for Africa, Mr Kennedy Uzoka said the move was informed by the fact that Nigeria is in a period where a lot of dollar would be needed to meet financial obligations of overseas students. He added that it was imperative to also increase the weekly sale of dollars to BDCs in order to meet the rising demand of those traveling abroad for business trips.

Members of the bankers’ committee urged BDCs to approach banks and apply for foreign exchange. By increasing the amount that BDCs can purchase from banks the bankers’ committee noted that the decision was not a reversal of earlier decision but a tweaking of the earlier decision because the country is battle a dollar crisis.

Also speaking on the development, CBN Spokesperson, Mr Isaac Okorafor said the apex bank will now have to monitor strictly that people do not abuse the process.

Managing director of Zenith Bank, Peter Amangbo in his address, told journalists that in keeping with the coming celebration of World Savings Day, all banks in Nigeria will break into different groups to cover all the Local Government Areas in the country to sensitize those at the grassroots on the need for people to save massively. He stated that the sensitization of the grassroots by all banks is to grow the pool of funds available for lending and the need to save.