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Naira continues to decline as CBN sells new dollars to BDCs for N1021/$



Another circular from the Central Bank of Nigeria (CBN) alerting Bureau De Change (BDC) operators to direct sales of US dollars at a reduced rate of N1,021 per dollar has been distributed.

The apex bank is lowering the rate for BDC operators for the second time in April and the fourth time in 2024.

The circular stated as follows: “We are writing to notify you of the $10,000 sale to BDCs by the Central Bank of Nigeria (CBN) at a rate of N1,021/$1. The BDCs are then required to sell at a spread of NO MORE THAN 1.5% above the acquisition price to qualified end users.

“Therefore, starting today, Monday, April 22, 2024, ALL eligible BDCs are directed to pay the Naira deposit to the underlisted CBN Naira Deposit Account Numbers and submit confirmation of payment, along with other necessary documentations, for the disbursement of FX at the respective CBN Branches.”

The decision is made as of Tuesday morning, when the dollar is being sold for N1,250/$ on the streets, up from N1,270/$ on Monday.

The most recent sale is anticipated to release some of the fresh pressure on the naira, which on Friday ended a one-month gain and sank for the second day in a row on Monday.

By today’s closing of business and in the days that follow the CBN’s dollar sale, traders said they anticipate an increase in the value of the naira.

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