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

In continuation of its defence of the naira against the dollar, the Central Bank of Nigeria (CBN) Monday announced the sales of foreign exchange (FX) to the bureau de change (BDC) operators at the rate of N1,101/$1.

This rate is below the ₦1251/$1 at which the exchange rate closed officially on Friday.

The CBN disclosed this in a circular, titled, ‘Sales of FX to Meet Retail Market Demand For Eligible Invisible Transactions’, dated April 8.

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The circular was addressed to the president of the Association of Bureau De Change Operators of Nigeria (ABCON, Alhaji Aminu Gwadabe.

The development comes less than a month after the second announcement of sales.

It is also coming on the heels of the depletion of the FX reserves by $1.02bn within 18 days.

By: Babajide Okeowo

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