The Central Bank of Nigeria (CBN) has again announced the sales of dollars to Bureau De Change operators.
This was contained in a circular uploaded to its website on Monday, April 8, 2024.
The apex bank said it is set to sell $10,000 to each BDCs at N1101/$ and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.
This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The naira on Friday appreciated to 1,245 per dollar on the parallel market, stronger than the rate at the official and Bureau De Change (BDC) segment of the foreign exchange (FX) market.
At the official FX market, the dollar was quoted at N1,25507 on Thursday, while it quoted around N1,269/$1 at the BDC segment.
The Naira, Nigeria’s currency, continued its appreciation against the US dollar on the official foreign exchange reaching the highest of N1,255.07/$1 since three months.
The last time the Naira was stronger than the current exchange rate was on January 26, 2024 when it closed at N891.90 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to the data compiled from the FMDQ Securities Exchange.
