Naira rises as CBN begins sale of dollars to BDCs at N1,101

The Central Bank of Nigeria (CBN) has initiated another round of dollar sales to Bureau De Change (BDC) operators, aiming to further bolster the appreciation of the Naira in the foreign exchange market. This update was exclusively confirmed by the National President of the Association of Bureau De Change Operators, Aminu Gwadabe, in a statement to DAILY POST on Monday.

According to Gwadabe, the CBN has commenced the sale of $10,000 FX to each eligible BDC at the rate of N1,101 per dollar.

He explained that all BDCs are permitted to sell to end-users at a margin not exceeding 1.5 percent above the purchase rate from the CBN.

In practical terms, this means that BDCs are expected to purchase at N1,101 per dollar and sell at N1,117.52.

Gwadabe stated, “It is indeed true that CBN has commenced the sale of dollars to our members at N1,101/$1, marking a downward revision from the previous rate of N1,251 per dollar.”

This development follows closely after BDCs advocated for an FX allocation below N1,251 per dollar to sustain the ongoing appreciation of the Naira in the forex market.

Recall that last month, the CBN sold $10,000 to BDCs at an exchange rate of N1,251 to fortify the Naira in the foreign exchange market.

Over the past month, the Naira has sustained its upward trend against the dollar, reaching N1,251.05 per dollar as of last Friday.