fbpx
Connect with us

Business

CBN’s Fresh Dollar Sales To BDCs Crashes Naira To N1,250/$1

The Central Bank of Nigeria’s recent decision to sell US dollars to Bureau De Change (BDC) operators at a discounted rate of N1,021 per dollar has resulted in a strengthening of the Naira to N1,250 against the US dollar.

Published

on

CBN's Fresh Dollar Sales To BDCs Crashes Naira To N1,250/$1
CBN's Fresh Dollar Sales To BDCs Crashes Naira To N1,250/$1

The Central Bank of Nigeria’s recent decision to sell US dollars to Bureau De Change (BDC) operators at a discounted rate of N1,021 per dollar has resulted in a strengthening of the Naira to N1,250 against the US dollar.

This move marks the fourth time in 2024 that such direct sales have been made to BDCs, aiming to stabilize the Naira’s value amidst recent fluctuations in the forex market.

The Central Bank of Nigeria (CBN) has issued a new circular to Bureau De Change (BDC) operators, revealing its plan for a direct sale of US dollars at a discounted rate of N1,021 per dollar.

VerseNews reports that this move marks the second sale for April and the fourth time in 2024, indicating efforts to stabilize the naira amidst recent fluctuations.

Advertisement

In the circular addressed to BDCs, the CBN outlined the terms of the sale, instructing eligible operators to commence payment of the Naira deposit to specified CBN accounts for the disbursement of FX.

The directive emphasizes a spread not exceeding 1.5 percent above the purchase price for end-users.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. 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.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit 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 circular reads,

Advertisement

This initiative follows previous interventions by the CBN to support the naira’s value, including February’s sale of $20,000 to each BDC at N1,301/$ and April’s sale of $10,000 at N1,101/$.

The bank’s proactive measures aim to mitigate currency devaluation and promote stability in the foreign exchange market.

whatsapp

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films
Entertainment4 hours ago

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films

The Federal Government of Nigeria has approved regulations prohibiting the depiction of money rituals, ritual killings, tobacco use, and other...

I'm Obsessed With Ayra Starr - Tiwa Savage I'm Obsessed With Ayra Starr - Tiwa Savage
Entertainment7 hours ago

I’m Obsessed With Ayra Starr – Tiwa Savage

Tiwa Savage recounted facing heavy criticism for her "sexy" style and "risky" lyrics early in her career, and praised Ayra...

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee
Education1 week ago

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee

Wigwe University, founded by the late Herbert Wigwe, will launch in August 2024 in Isiokpo, Rivers State, offering programs across...

7 Inspiring Facts About Eagles That Will Motivate You Every Day 7 Inspiring Facts About Eagles That Will Motivate You Every Day
Lifestyle1 week ago

7 Inspiring Facts About Eagles That Will Motivate You Every Day

Discover the inspiring qualities of eagles that can motivate you every day, from their exceptional vision and fearlessness to their...

Tacha Reveals Cost Of Her Outfit At AMVCA 2024 Tacha Reveals Cost Of Her Outfit At AMVCA 2024
Entertainment1 week ago

Tacha Reveals Cost Of Her Outfit At AMVCA 2024

Former BBNaija star Tacha reveals her $100k outfit for AMVCA 2024, sparking mixed reactions online, adding to her reputation as...

When Is It Wrong To Say "I'm Sorry" In A Relationship? When Is It Wrong To Say "I'm Sorry" In A Relationship?
Relationship1 week ago

When Is It Wrong To Say “I’m Sorry” In A Relationship?

Saying "I'm sorry" in a relationship is crucial but can be damaging if overused, used manipulatively, or when one hasn't...

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank
Politics1 week ago

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank

President Tinubu's government is set to secure a $2.25 billion loan from the World Bank, with exceptionally favorable terms including...

I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses
Politics1 week ago

I Was Offered Money To Impeach Fubara – Rivers Governor’s Aid, Ehie Confesses

Edison Ehie, Chief of Staff to the Rivers State Government, alleged he was offered money to impeach Governor Siminalayi Fubara...

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda
News1 week ago

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu’s Renewed Hope Agenda

Minister of Power, Adebayo Adelabu distributed rice in Oyo State to various groups, stressing its non-political nature and pledging transparent...

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video) Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)
Entertainment1 week ago

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)

Going viral on various social media is the report of a Nigerian dad Musa Suleman Defunnytv who posted posters of...

Advertisement