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.
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.
“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.
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.
