Naira Hits N1,200/Dollar As CBN Sells $10,000 To BDCs

Naira Hits N1,200/Dollar As CBN Sells $10,000 To BDCs

The Nigerian naira appreciated to N1,200/dollar at the parallel foreign exchange market on Tuesday, marking an increase from N1,240/dollar reported earlier. Licensed and unlicensed Bureau De Change operators quoted buying rates between N1,100 and 1,150, with selling rates between N1,150 and 1,200…..READ ALSO Black Market Dollar To Naira Exchange Rate Update On April 10th, 2024 

The Central Bank of Nigeria (CBN) adjusted the exchange rate for Bureau De Change Operators to N1,101 per dollar and announced the sale of $10,000 to operators at this rate. This move follows previous decisions by the CBN, including selling $10,000 to BDCs at N1,251/$ in March and $20,000 in February.

Key Points:

• The naira appreciated to N1,200/dollar at the parallel foreign exchange market.
• Bureau De Change operators quoted buying rates between N1,100 and 1,150 and selling rates between N1,150 and 1,200.
• The CBN adjusted the exchange rate for Bureau De Change Operators to N1,101 per dollar and announced the sale of $10,000 to operators at this rate.
• Previous CBN decisions include selling $10,000 to BDCs at N1,251/$ in March and $20,000 in February.
• The move follows an appeal by the Association of Bureau De Change Operators of Nigeria to the CBN to adjust its exchange rate below N1,251/$.

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