CBN Speaks On Selling Forex To BDCs At ₦1,001/$1

CBN Speaks On Selling Forex To BDCs At ₦1,001/$1

The Central Bank of Nigeria (CBN) has refuted claims suggesting that it sold Foreign Exchange (FX) to Bureau De Change (BDC) operators at the rate of ₦1,001/$1. This denial comes in response to a circular circulating online alleging such a sale…..READ ALSO CBN Governor Clarifies Stance On Foreign Reserves And Naira Value

In a statement posted on its official handle, the CBN clarified that the circular claiming the sale of $10,000 to BDCs at the rate of ₦1,001/$1 is fake. The apex bank reiterated that it had announced the sale of FX to BDC operators at the rate of ₦1,101/$1 on April 8.

Furthermore, the CBN emphasized that BDCs are required to sell FX to eligible end users with a margin of no more than 1.5 percent above the buying cost.

The circular issued by the CBN directed all eligible BDCs to commence payment of the Naira deposit to specified CBN Naira Deposit Account Numbers and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.

This clarification underscores the importance of referring to official sources, such as the CBN’s website, for authentic information regarding foreign exchange transactions and monetary policies.

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