CBN Initiates Sale of Dollars to BDCs at N1,101, Boosting Naira Appreciation

The Central Bank of Nigeria has initiated another round of dollar sales to Bureau De Change Operators in a bid to further strengthen Naira’s value in the foreign exchange market.
As part of the initiative, the apex bank has commenced the sale of $10,000 FX to each eligible Bureau De Change at a rate of N1,101 per dollar. The Central Bank specified that all Bureau De Change operators are permitted to sell to end-users with a margin not exceeding 1.5 percent above the purchase rate from CBN.
This move follows recent advocacy from Bureau De Change operators for a lower FX allocation to sustain Naira’s appreciation. The Naira has maintained its upward trajectory against the dollar, standing at N1,251.05 per dollar last Friday.