News
Breaking: CBN Begins Sale Of Dollars At N1,301 Per USD
The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country.
This was contained in a memo signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank.
According to the memo seen by Politics Nigeria, the move is part of CBN’s “strategic step” to increase liquidity and strengthen the naira against “manipulators”.
Mahmud noted that the CBN will sell the United States dollars to BDC operators at N1,301 per USD.
The BDC operators are expected to sell to customers at not more than 1% above the purchase rate from the CBN.
Recall that the naira recently traded as high as N1,800 to the dollar.
The statement reads: “Following the on-going reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium
“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$ – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).
“All BCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1 %) above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the designated CB ForeignCurrency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN Branches – ABUJA, AWKA, LAGOS and KANO)”
-
News2 weeks ago
Former Osun PDP Chieftain, Babalola Officially Joins APC, Vows to Deliver Constituency In Future Elections
-
News5 days ago
October 17: How Oyetola, others cheated death – By Ismail Omipidan
-
News3 weeks ago
Development In Osun Very Low Compared To Funds Accrued From FG – NIWA Boss, Oyebamiji
-
News2 weeks ago
Community Development: Over 382 Projects executed by Adeleke led Administration – Special Adviser
-
News3 weeks ago
Reviewing President Tinubu’s 64th Independence Day Speech By Reno Omokiri
-
News4 weeks ago
Adeleke Inaugurates Osun CDC Executive, Distributes 5 Operational Vehicles
-
News1 week ago
Dental Technologists Urged On Research, Evidence Based Practices – ADTN President, Eyarefe
-
News2 weeks ago
Remi Tinubu Moves To Uplift OAU Horticultural Landscape, To Donate One Billion Naira