CBN Dismisses Claims of Selling US Dollars to BDCs at N1,301 Exchange Rate

• The CBN has provided clarification on a circular regarding purported new exchange rate for naira to the dollar for BDCs
• The apex warned Nigerians that the circular was fake and denied issuing any of the directives from the viral document
• The CBN's recently introduced Electronic Foreign Exchange Management System (EFEMS) has helped the naira bounce back

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has urged Nigerians to disregard claims that it sold dollars to eligible Bureau de Change (BDC) operators at N1,301 per dollar.

In a statement posted on X, the CBN clarified that the circular circulating did not originate from the bank.

The fraudulent circular stated that all BDCs are permitted to sell to eligible end-users at a margin no greater than 1% above the purchase rate from the CBN.

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New exchange rate: BDC operators list 3 factors responsible for dollar's crash by over N200

Reacting, CBN denied all contents in the fake circular, TheCable reports.

The post reads:

"This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided!"

Contents of the fake CBN circular reads:

"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 continued price distortions at the retail end of the market, which are feeding into the parallel market and further widening the exchange rate premium.

"To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. A sum of $20,000 is to be sold to each BDC at the rate of N1.301/S (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, December 10, 2024)

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Black market traders predict new naira to dollar exchange rate, suspend dollar purchase

"All BDCs are allowed to sell to end-users at a margin no more than 1% 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, along with other necessary documentation for disbursement at the appropriate CBN branches in Abuja, Awka, Lagos, and Kano."

Naira falls against US dollar in all FX markets

Earlier, Legit.ng reported that the value of the naira at the official (Nigerian Autonomous Foreign Exchange Market) has dropped

Naira depreciated in the official and unofficial markets for the first time in three days.

The Central Bank of Nigeria's newly introduced forex system has been one of the reasons the naira is improving.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng