The CBN has provided clarification to a circular claiming a new exchange rate for naira to the dollar for BDCsThe apex warned Nigerians that the circular is fake and denied issuing any of the directives from the fake circularThe CBN’s recently introduced Electronic Foreign Exchange Management System (EFEMS) has help naira bounce back
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has asked Nigerians to ignore claims that it sold dollars to eligible Bureau de Change (BDC) operators at N1,301 per dollar.
According to a statement released on X, the CBN clarified that the circular did not originate from the bank.
CBN debunk reports of selling dollars to BDCs
Photo credit: Bloomberg/contributor
Source: Getty Images
The fraudulent circular stated that all BDCs are permitted to sell to eligible end-users at a margin no greater than 1% above the purchase rate from the CBN.
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In reaction, CBN denied all contents in the fake circular.
The post reads:
“This information is misleading and not affiliated with the Central Bank of Nigeria. Please be guided!”
Contents of the fake CBN circular reads:
“Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed continued price distortions at the retail end of the market, which are feeding into the parallel market and further widening the exchange rate premium.
“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. A sum of $20,000 is to be sold to each BDC at the rate of N1.301/S (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, December 10, 2024)
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“All BDCs are allowed to sell to end-users at a margin no more than 1% above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, along with other necessary documentation for disbursement at the appropriate CBN branches in Abuja, Awka, Lagos, and Kano.”
Naira falls against US dollar in all FX markets
Earlier, Henzodaily.ng reported that the value of the naira at the official (Nigerian Autonomous Foreign Exchange Market) has dropped
Naira depreciated both in the official and unofficial markets for the first time in three days.
The Central Bank of Nigeria’s newly introduced forex system has been one of the reasons the naira is improving.
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Source: Henzodaily.ng