CBN Begins Dollars Sale to BDCs at N1,101/$1

The Central Bank of Nigeria (CBN) has taken a significant step towards stabilizing the foreign exchange (FX) market by announcing the sale of dollars to bureau de change (BDC) operators at the rate of N1,101 for every $1.

This move, revealed in a recent circular titled ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions,’ dated April 8 and addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON), marks the third round of such sales in less than a month. The decision underscores the CBN’s commitment to addressing the recent fluctuations in the exchange rate and mitigating the depreciation of the Naira against the US dollar.

This development is poised to have significant implications for businesses, consumers, and the broader financial landscape in Nigeria, as stakeholders closely monitor the impact of the CBN’s intervention on the economy.