Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs - Business

Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs (34610 Views)

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Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Nemere2020(op): 8:06pm On Aug 27, 2020

The Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31.

In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said BDCs must not exchange the naira at more than N386/$.

The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption dates for international flights into the country has been announced.

Providing a breakdown of the rates, the CBN said: “Please be advised that the applicable exchange rate for the disbursements of proceeds of IMTOs for the period Monday, August 31 to Friday, September 04, 2020, is as follows:

IMTSOs to banks: N382/$1
Banks to CBN: N383/$1
CBN to BDCs: N384/$1
BDCs to end-users: Not more than N386
Volume of sale to each market is $10,000 per BDC.
The apex bank said FX sales to BDCs will hold on Mondays and Wednesdays in the first instance.

“The BDCs are to ensure that their accounts with the banks are duly funded with the equivalent naira proceeds on Fridays and Tuesdays,” the circular read.

“Banks shall continue to sell foreign currencies for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents (passport, air ticket and visa).”

https://www.thecable.ng/breaking-naira-to-trade-at-386-as-cbn-resumes-fx-sale-to-bdcs

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Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by socialmediaman: 9:18pm On Aug 27, 2020

Someone got in trouble for investigating illegal forex deals. Read how they have finished the place you call home:

https://www.nairaland.com/5981088/know-people-know-people-then

1 Like 1 Share

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Abboki: 9:18pm On Aug 27, 2020

Nemere2020:
https://www.thecable.ng/breaking-naira-to-trade-at-386-as-cbn-resumes-fx-sale-to-bdcs

2 Likes

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by UDUJ(m): 9:18pm On Aug 27, 2020

Nemere2020:
https://www.thecable.ng/breaking-naira-to-trade-at-386-as-cbn-resumes-fx-sale-to-bdcs

It will be good if they can implement it, but we all know it's all talk. Nothing works here

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Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Abboki: 9:18pm On Aug 27, 2020

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by crossfm: 9:18pm On Aug 27, 2020

CBN,why note ask our darling daddy about 1 dollar to 1 naira.

Abi the time for such change never reach.
I forgot,fuel is now 45 naira in ................
Oh oo,so na dream I da dream.

81 Likes 1 Share

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by NNFORUM(m): 9:19pm On Aug 27, 2020

Let me observe pls

1 Like

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Nobody: 9:19pm On Aug 27, 2020

Fraud

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Pearly255(f): 9:19pm On Aug 27, 2020

[quote][/quote] wink

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by lazinny(m): 9:19pm On Aug 27, 2020

Pipe dream

2 Likes

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by daddytime(m): 9:19pm On Aug 27, 2020

Confused people.

Maybe my aunty Aisha don comot knee for some dollar neck. #NairaCantBreathe

That Emefieli must be the worst CBN Governor ever, always looking clueless with him television head.

47 Likes 1 Share

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Gbase36: 9:20pm On Aug 27, 2020

[big lie �
quote author=Nemere2020 post=93293053]

https://www.thecable.ng/breaking-naira-to-trade-at-386-as-cbn-resumes-fx-sale-to-bdcs[/quote]

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Pearly255(f): 9:20pm On Aug 27, 2020

Space for sale grin

4 Likes 1 Share

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by DICKstractor: 9:20pm On Aug 27, 2020

Is that the $1 to N1 that we were promised?

17 Likes

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by lowkeybahdguy(m): 9:20pm On Aug 27, 2020

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Geofavor(m): 9:20pm On Aug 27, 2020

Lol

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Greenbuoy(m): 9:20pm On Aug 27, 2020

Ògún laa pa gbogbo yin!!

39 Likes 2 Shares

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Deborah98(f): 9:20pm On Aug 27, 2020

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by lowkeybahdguy(m): 9:21pm On Aug 27, 2020

Nemere2020:
https://www.thecable.ng/breaking-naira-to-trade-at-386-as-cbn-resumes-fx-sale-to-bdcs

The CBN's monetary policy leaves a lot to be desired. more politically motivated than economical.

Spending money to defend the value of the naira isn't a smart long term plan. The market should be allowed to determine the value of the currency and more importantly is the need to merge the parallel rates into one.

30 Likes 3 Shares

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by Nelly4you(m): 9:21pm On Aug 27, 2020

story story ooo

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by faithfull18(f): 9:21pm On Aug 27, 2020

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by MikeMicheal(m): 9:21pm On Aug 27, 2020

We should just make dollar our official currency already,

Since we so much rely on it.

11 Likes 1 Share

Re: Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs by softset: 9:22pm On Aug 27, 2020

Will they make dollars available for those make purchases online.

At the moment, many Nigerians that have businesses online, how will this positively impact them.

Waiting for experts to comment

8 Likes 2 Shares