CBN Sells $10,000 To BDCs At N1,251/$1 As Naira Rebounds

As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.

In a circular to the President of the Association of Bureau De Change Operators of Nigeria on Monday, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.
The circular was signed by the bank’s Director of Trade and Exchange Department, Hassan Mahmud.
Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country.
The Nigerian naira has seen a dip in the last nine months since the President Bola Tinubu administration collapsed the foreign exchange window. The naira experienced an all-time low, falling from about N700/$1 last May to about N2,000/$1 last month, before its appreciation in March.

The authorities have since turned their focus to cryptocurrency websites like Binance, accusing them of speculation, clamping down on them through telecommunication companies.