Dollar to crash further as CBN commences sale of dollars to BDCs at N1,101/$1

The Nigeria’s central bank has announced the sale of dollar to bureau de change at the rate of N1,101/$

In a circular titled ‘sale of FX to meet retail market demand for eligible invisible transactions’, dated April 8, the Central Bank Governor made this known to news men.

The circular was specifically addressed to the Association of Bureau De Change Operators of Nigeria (ABCON)

This announcement is coming barely a month after the second announcement for new rate.

What this means is that the naira will even gain further while the dollar collapses.