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A circular that authorized the selling of foreign currency to Bureau De Change operators in the nation has been characterized as fraudulent by the Central Bank of Nigeria.

According to the circular issued Tuesday, December 10, the apex bank sold $20,000 at a cost of N1,300 per dollar to each valid BDC operator.

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“Following the ongoing 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,” the fake circular reads.

But on Wednesday, CBN called the circular phony in its official X account.

Following CBN’s introduction of the Electronic Foreign Exchange Matching System (EFEMS) for transparent FX transactions, the Naira has strengthened versus the dollar in the FX market over the last seven days.

Despite the Naira’s black market depreciation to N1660 per dollar during the last two days, the nation’s currency appreciated against the dollar on Tuesday at the official market to close at N1,525.

According to ZINGTIE, CBN last got involved in the illicit market in September 2024 when it sold foreign exchange to BDC operators for N1590 per dollar.

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