The Central Bank of Nigeria (CBN) has further reduced the foreign exchange (FX) rate for dollar allocations to bureau de change (BDC) operators.
On Tuesday, the CBN, in a circular signed by Hassan Mahmud,
director, trade and exchange department, said it sold $10,000 at the rate of
N1,021/$ to each BDCS.
The circular titled, ‘SALE OF FX TO BDCs TO MEET MARKET
DEMAND (RETAIL-END) FOR INVISIBLE TRANSACTIONS’ was addressed to the president
of the Association of Bureau De Change Operators of Nigeria (ABCON).
“The BDCs are in turn to sell to eligible end users at a
spread of NOT MORE THAN 1.5 percent above the purchase price,” CBN said.
“ALL eligible BDCs
are therefore directed to commerce payment of the Naira deposits to the
underlisted CBN Naira Deposit Account Numbers from today, Monday April 22, 2024
and submit confirmation of payment, with other necessary documentations, for
disbursement of FX at the respective CBN Branches.”
The announcement followed a denial by the CBN that it has
reduced the rate for FX allocations to BDCs to N1,001/$1.
CBN has been selling FX to BDCs below the official and
parallel market rates.
The latest discount comes at a period naira halted its
appreciation in both FX markets, depreciating to N1,260 per dollar at the
parallel section on April 22, from N1,230/$1 traded on April 19.
Within the same period, the naira depreciated to N1,234.49
against the dollar, from N1,169.99/$ at the official window.
On April 8, CBN sold FX to the BDCs at the rate of N1,101/$,
compared to the N1,251/$ the apex bank offered to the parallel market operators
on March 25 and the N1,301/$ announced on February 27.
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