The Central Bank of Nigeria has announced plans to sell forex to bureau de change operators at N1,301 per dollar.

The decision, which aimed to enable the sale of foreign exchange to BDC operators to meet the retail demand for eligible invisible transactions, was contained in a statement signed by Hassan Mahmud, a director at the Trade and Exchange Department.

The statement explained that CBN made the decision after observing the continued price distortions at the retail end of the market, which, according to them, is feeding into the parallel market and further widening the exchange rate premium.

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.”

“To this end, the CB 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/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

It added that all BDCs should sell to end-users at a margin not more than one per cent above the purchase rate from CBN.

“All eligible BDCs are directed to make the naira payment to the designated CBN foreign currency deposit naira accounts and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN branches – Abuja, Awka, Lagos and Kano,” the apex bank stated

a4cube:
This u turn pass the u turn of London black cabs.

Tinubu is ruling Nigeria with Trial and error strategy

AllTheWayUp:


Tinubu is ruling Nigeria with Trial and error strategy

EmiloCorn:
Yes our Jagaban is working.

This mandate I am standing on is too solid



This thing you posted is treasonous take it back jor

How can you say our oga is playing kalo - kalo with the lives of over 200 million people?

Are, you okay?
Is he okay?

You people should be careful on this place oh let us not call DSS for many of you

“To this end, the CB 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/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

onez:
When the damage is already done. They should release and apologize to Emefiele

judatech:
We dey wait...
Let this translate to decrease in food stuff price o!

LegendHero:
Mynd44 Seun Fergie001

This is fake headline from the OP. No where in the news did Gazette mention floating reversal.

The naira still floating and there is no pegged rate. CBN adjust it based on the market.

Truths9ja:
As the Cbn governor reversed floating of naira, he should reverse banning of Binance and other crypto currency wallets app to our media space back.