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CBN Crashes Dollar To N1,117.5/$ With Fresh FX Sales To BDCs
The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above purchase price
Abuja, Nigeria– The Central Bank of Nigeria on Monday announce the crashed of dollar to N1,117.5 with another sale of foreign currency (FX) to Bureau de Change dealers.
According to CBN, the decision to sell foreign currency to BDC dealers aims to stabilize the exchange rate and ensure liquidity in the forex market, sale of FX to BDC at N1,101 per dollar and warned the beneficiaries not to sell above 1.5 per cent spread.
It was gathered that at 1.5 per cent, operators will only sell at N16.5 spread which translates to N1,117.5 per dollar.
The apex bank targets to stabilise the FX market which has been highly volatile, according to experts.
“We write to inform you that the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,101/$.
“The BDCs are in turn to sell to eligible end users at a spread of not more than 1.5 per cent above purchase price.
“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letter/circular.”