CBN Directs BDCs to Sell Dollar at N1,269

The Central Bank of Nigeria (CBN) has issued a directive to Bureau de Change (BDC) operators to sell the US dollar at a fixed rate of N1,269 per dollar in a bid to regulate the foreign exchange market and curb exchange rate fluctuations.

Dr Hassan Mahmud, Director of the CBN’s Trade and Exchange Department, communicated this directive through a circular.

In it, the CBN asked each BDC to sell a maximum of $10,000 at a rate of N1,251 per dollar and not to sell to eligible customers at rates exceeding 1.5 per cent above the purchase price, equivalent to N1,269 per dollar.

The move comes as part of the CBN’s efforts to stabilize the exchange rate and combat inflation.

Recall that the Nigerian naira has maintained a steady appreciation against the US dollar, closing at 1,408 per dollar in the official market on Monday.

The CBN also has stressed its commitment to regulating the foreign exchange market and ensuring stability.

According to its governor, Olayemi Cardoso, the CBN aims to enhance liquidity in the foreign exchange market, boost reserves, and stimulate economic growth through measures implemented during the Monetary Policy Committee meeting and engagements with foreign portfolio investors.

Furthermore, experts suggest that the CBN’s efforts to enhance liquidity in the financial system will contribute to stabilizing the foreign exchange market and fostering economic recovery in Nigeria.