CBN denies selling FX to BDCs at N1,001/$1

 The Central Bank of
Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change
(BDC) operators at the rate of N1,001/$1.

CBN, in a post on X on Thursday, said a
circular claiming the apex bank announced the sale of $10,000 to BDCs at the
rate of N1,001/$1 was “fake”.

According to the circular, the BDCs are required to sell to
eligible end users with a margin of no more than 1.5 percent above the buying
cost.

“We write to inform you of the sale of $10,000 by the
Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular
reads.

 “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 17, 2024, and submit confirmation of payment
with other necessary documentation for disbursement at the appropriate CBN
branches.”

Denying the content, CBN urged Nigerians to always
refer to its website for authentic information.

On April 8, CBN announced it
sold FX to BDC operators at the rate of N1,101/$