₦airaland Forum

CBN sells fresh dollars to BDCs at N1,021/$

The Central Bank of Nigeria (CBN) has issued a circular announcing fresh sales of $10,000 to each licensed Bureau De Change (BDC) operator in the country at N1,021/$.

The BDCs are directed, in turn, to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

This marks the second of such direct sales to BDCs this month and the fourth in the current year, indicating that the apex bank is proactive in managing the fluctuation of the Naira and meeting the essential foreign exchange needs of the people.

The CBN outlined the details of the sales in a circular addressed to the president of the Association of Bureau De Change Operators (ABCON) and urged the BDCs to play by the rules.

The CBN’s intervention aims at addressing the retail-end market, particularly for invisible transactions such as travel allowances, tuition fees, and medical payments, etc.

The circular states in part, “All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches.”

On April 8, 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1, 101/$ at a spread capped at 1.5 per cent above the purchase price from the CBN.

Also, the CBN, in February 2024, announced the sales of $20,000 to each BDCS at the rate of N1,301/$.

Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.

Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.

Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.

helinues:
Toh

CodeTemplar:
Tah

Parydelegate:
People are now wiser

nawaforyouo:
as in ehn

The outcome of last week has already washed down the potency of this move (News about depleting reserves and all)


Imagine, this came out yesterday, but had no affect on today's rate. WTF?!

Black market now at 1270

CBN messed up big time. They should not have rushed this Naira appreciation strategy. They had all in their favor, yet they messed up!

leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself

nawaforyouo:

leokid866:
if you are so sure of this rate enter street and ask Aboki to give you this rate let's see what will happen.....

leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself

Sheuns:
1270-1290 is what you'll get from aboki as now.

nawaforyouo:


https://abokifx.com/news/naira-depreciates-further-at-parallel-market-trades-at-n1-260-the-cable?type=market

leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself