The Central Bank of Nigeria has described as fake a circular
that it authorised the sales of foreign exchange to Bureau De Change operators
in the country.
The circular dated Tuesday, 10 December, had claimed that
the apex bank sold $20,000 to each legible BDC operator at N1,300 per dollar
rate.
“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 the continued price
distortions at the retail end of the market, which is feeding into the parallel
market and further widening the exchange rate premium,” the fake circular
reads.
However, CBN, in its official X account on Wednesday, described the circular as fake.
This comes as the Naira has firmed up in the past seven days
against the dollar at the FX market after CBN introduced the Electronic Foreign
Exchange Matching System (EFEMS) for transparent FX transactions.
Although in the past two days, the Naira had weakened at the
black market to N1660 per dollar, the country’s currency gained against the
dollar on Tuesday at the official market to close at N1,525.
The last time CBN intervened in the black market was in
September 2024 when it sold FX at N1590 per dollar to BDC operators.
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