JUST IN: CBN sells fresh dollars to BDCs at N1021/$ as naira falls again

The Central Bank of Nigeria (CBN) has released another circular to Bureau De Change (BDC) operators, notifying them of direct sales of US dollars at a discounted rate of N1,021 per dollar.

This is the second time for April and the fourth time in 2024 that the apex bank will reduce the rate for the BDC operators.

The circular read: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

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

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

The latest sale is expected to relieve the renewed pressure on the naira which snapped a one-month rally last Friday and fell for the second straight day on Monday.

Traders say they expect the naira to appreciate by close of trading today and in the coming days following the CBN’s dollar sale.

Developing Story, more details will be shared on the Intel Region WhatsApp group as soon as possible.

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