AFNewsNG
Latest Breaking News In Nigeria

JUST IN: CBN Begins Sale Of Dollars To BDCs At N1,101

0

Naira Appreciation: CBN Begins Sale Of Dollars To BDCs At N1,101

 

The Central Bank of Nigeria, CBN, has begun another tranche of dollar sales to Bureau De Change, BDC, operators to further boost the appreciation of the Naira in the foreign exchange market.

 

The National President of the Association of Bureau De Change Operators, Aminu Gwadabe exclusively confirmed this.

READ ALSO  Soludo Reveals What CBN Gov. Told Him About Old Naira Notes | READ DETAILS

 

Accordingly, to Gwadade, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.

He said all BDCs are allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from the CBN.

 

The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.

READ ALSO  FX $700m Backlog: CBN’s Settlement Claim Is False -Foreign Airlines Cry Out |READ FULL 

 

“It is true, CBN had started selling dollars to our members at N1,101/$1, it was reviewed downward from N1,251 per dollar,” Gwadade said.

 

The development came barely 48 hours after BDCs called for FX allocation below N1,251 per dollar to sustain the Naira’s appreciation in the forex market.

READ ALSO  FOREX CRISIS: How Over $26bn Was Funnelled Through Binance Without Trace In 4 Years – CBN Gov Reveals

Recall that CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the Naira in the foreign exchange market last month.

 

For a month, the Naira has continued its appreciation against the dollar, which stood at N1,251.05 per dollar last Friday.

 

SOURCE

Leave A Reply

Your email address will not be published.