CBN sells forex to BDCs at N1450/$1

The Central Bank of Nigeria (CBN) has announced that it has sold dollars to eligible Bureau De Change (BDC) operators at the rate of N1450/dollars.

The announcement was contained in a statement signed by the acting director of the Trade and Exchange Department at the CBN, A. A. Mahdi, on Thursday.

This comes days after the apex bank sold $123m to authorised dealers.

The CBN said it has observed the continued distortions in the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium, while warning “the BDCs to sell to eligible end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.”

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Daily Trust reports that the dollar exchange rate to naira has continued to spike despite the relative stability in the market.

As of July 18, a dollar was exchanged for ₦1566.82according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) rate, depreciating from ₦1583.26 it traded the previous day.

However, reports from the parallel market indicated that the dollar crossed N1,600 on Thursday amidst supply challenges.