HomeBusinessDollar May Sell Below N1,000 As CBN Releases Fresh Forex To BDCs

Dollar May Sell Below N1,000 As CBN Releases Fresh Forex To BDCs

The Naira may sell below N1000 as the Central Bank of Nigeria has communicated to Bureau de Change Operators about releasing another tranche of $10,000 at a discounted rate.

The CBN said it will sell the $10,000 to eligible operators at N1,021/$, THE WHISTLER can authoritatively report.

The bank made the communication in a circular which was exclusively obtained by THE WHISTLER, dated April 22, 2024, titled, ‘Sale Of FX To BBDCs To Meet Market Demand (Retail-End) For Invisible Transactions’.

The circular is with the reference number, TED/FEM/PUB/FPC/001/013 addressed to the Association of Bureau de Change Operators of Nigerian (ABCON)

The apex bank said, “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. 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.

The development is coming after the naira depreciated from N1,030 on April 17, 2024, to N1260 on Monday, April 22.

The Central Bank Governor, Olayemi Cardoso had boasted at the sidelines of the World Bank Spring Meeting in Washington DC that his reforms transformed the naira to the best-performing currency.

He said, “April saw the naira emerge as the best-performing currency globally, supported by bullish sentiment from leading international investment institutions.

“Our FX market is experiencing robust activities with turnover reaching levels not seen in over seven years.

“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.”

“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under-listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches.”



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