Amid FX reserves depletion, CBN to sell $10,000 to BDCs at N1,021/$ - Ripples Nigeria
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Amid FX reserves depletion, CBN to sell $10,000 to BDCs at N1,021/$



Naira continues free fall against U.S dollar

Amid a depleting foreign exchange FX reserve, the Central Bank of Nigeria has announced the resumption of sales of dollars to Bureau De Change operators (BDCs).

The apex bank made this disclosure in a circular TEM/FEM/PUB/001/013 uploaded to its website on Tuesday and signed by its Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it is set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Ripples Nigeria reports that the FX reserves is currently experiencing a one-month dip streak.

According to the latest data from the Central Bank of Nigeria, FX Reserves Movement, the external reserves reached a new low of $32.1bn on April 18, 2024, over 31 days, the reserves decreased by $2.35bn, falling from $34.45bn on March 18, 2024.

READ ALSO: CBN sells dollars to BDCs below market rate at N1,101/$1, in continued defence of naira

However, the apex bank in the latest statement said; “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement

By Babajide Okeowo

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