Monday, May 20, 2024

CBN Resumes Forex Sale to BDCs at N1,021/$

The Central Bank of Nigeria has resumed the sales of dollars to Bureau De Change operators.

It disclosed this in a circular referenced TEM/FEM/PUB/001/013 uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it is set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

CBN Directs BDCs to Sell Dollar at N1,269

Earlier, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

The current rate is 7.27 per cent less than the previous price. This current release is hoped to further strengthen the local currency.

On Monday, the Naira reportedly depreciated against the United States Dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

As the CBN continues to defend the naira, the latest data on its website showed that Nigeria’s foreign exchange experienced a sharp decline.

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