CBN forces dollar crash with $10,000 allocation to BDCs at N1,021/$

The Naira that exchanged N1,230 to a dollar, has appreciated after the Central Bank of Nigeria (CBN) released another circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at a discounted rate of N1,021 per dollar.

The circular read: “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 intervention by the CBN followed a streak of Naira depreciation for about a week, resulting in the local currency exchanging N1,250 per dollar from less about N1,050 penultimate week.

Ibrahim Ibrahim

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