BREAKING: Naira appreciation: CBN begins sale of dollars to BDCs at N1,101

Accordingly to Gwadade, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar. He said all BDC s are allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from the CBN . The implication is that BDC s are to buy at N1,101 per dollar and sell at N1,117.52.

'It is true, CBN had started selling dollars to our members at N1,101/$1, it was reviewed downward from N1,251 per dollar,' Gwadade said. The development came barely 48 hours after BDCs called for FX allocation below N1,251 per dollar to sustain the Naira's appreciation in the forex market. Recall that CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the Naira in the foreign exchange market last month.

Source: News Formal (newsformal.com)

Breaking CBN Naira Appreciation

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