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CBN opens up on selling dollars to bureau de change operators at N1001/$1

The Central Bank of Nigeria (CBN) denied selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1.

The apex bank in a post on X on Thursday, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”.

The circular said that the BDCs are required to sell to eligible end users with a margin of no more than 1.5 percent above the buying cost.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular reads.

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“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today Monday, April 17, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”

CBN urged Nigerians to always refer to its website for authentic information.

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The CBN, on April 8, announced it sold FX to BDC operators at the rate of N1,101/$.

Meanwhile, the Nigerian currency recorded a strong performance in the official and unofficial exchange markets against all foreign currencies on Wednesday, April 17, 2024.

Data from FMDQ securities shows that in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed the day’s trading at N1,072.74/$1.

Wednesday’s closing rate represents a 6.6% or N75.40 appreciation compared to the previous day’s N1,148.14/$.

Naira also improved its value against the pound sterling and the euro in the official market.

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CBN data shows that the naira ended the day with an appreciation of N298.92 to sell at N1,147.53/£1 compared with Tuesday’s closing value of N1,446.45/£1.

While against the Euro, it gained N14.62 to quote at N1,220.17/€1 versus N1,234.79/€1.

Starpotter

A Professional blogger and Entertainer. An extremely calm-headed guy.... Maybe naughty. lol

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