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We never sold FX to BDCs for N1,001/$1, says CBN
According to the circular, the BDCs must offer their products at a margin of no more than 1.5% over the buying cost to qualified end customers.
Reports claiming that the Central Bank of Nigeria (CBN) is selling foreign exchange (FX) to bureau de change (BDC) operators at a rate of N1,001/$1 have been refuted by the CBN.
In a post on Thursday on X, the apex bank stated that a circular stating the bank had announced the sale of $10,000 to BDCs at the cost of N1,001/$1 was “fake.”
According to the circular, the BDCs must offer their products at a margin of no more than 1.5% over the buying cost to qualified end customers.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular reads.
“The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.
“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today Monday, April 17, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”
CBN urged Nigerians to always refer to its website for authentic information.
The CBN, on April 8, announced it sold FX to BDC operators at the rate of N1,101/$.
