Naira appreciation: CBN begins sale of dollars to BDCs at N1,101

To further increase Naira’s appreciation in the foreign exchange market, the Central Bank of Nigeria, CBN, has started another tranche of dollar sales for Bureau De Change, BDC, operators.

ZINGTIE was given exclusive confirmation of this on Monday by Aminu Gwadabe, the National President of the Association of Bureau De Change Operators.

The apex bank has reportedly begun selling $10,000 FX to each qualified BDC at N1,101 per dollar, according to Gwadade.

He stated that all BDCs are permitted to sell to final consumers at a markup of no more than 1.5% over the CBN purchasing rate.

BDCs are implied to purchase at N1,101 per dollar and sell at N1,117.52.

“It’s true that CBN began selling dollars to our members at a rate of N1,101 for every dollar; this rate was reviewed down from N1,251 for every dollar,” Gwadade stated.

To maintain the Naira’s appreciation in the foreign exchange market, BDCs demanded that foreign exchange allocation be kept below N1,251 per dollar. This development occurred just 48 hours later.

Recall that last month, CBN sold $10,000 to BDCs at an exchange rate of N1,251 to support the Naira in the foreign exchange market.

The Naira has been appreciating against the dollar for the past month; last Friday, it was worth N1,251.05 per dollar.

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