CBN Clears Air On FX Sale To BDCs At N1,001/$1

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has refuted claims of selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1.

CBN, in a post on X, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”.

According to the circular, the BDCs are required to sell to eligible end users with a margin of no more than 1.5 percent above the buying cost.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular reads.

“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.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today Monday, April 17, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”

Denying the content, CBN urged Nigerians to always refer to its website for authentic information.

Recall that CBN on April 8 announced it sold FX to BDC operators at the rate of N1,101/$

The BDC operators were required to sell to eligible end users with a margin of no more than 1.5 percent above the buying cost.

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