Naira is Bouncing Back Stronger!!! CBN sells $10,000 to BDCs way Below Market Rat at N1,101/ $1!!!
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.
In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.
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).
In essence, dollar would now be $1,117 max
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