CBN Sells FX To BDCs At N1,251/$1 As Naira Rebounds

As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria , on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change operators in the country at the rate of N1,251/$1.In a circular to the President of the Association of Bureau De Change Operators of Nigeria on Monday, the apex bank said the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.

The CBN under the watch of new bank chief Olayemi Cardoso is expected to announce new fiscal and monetary policies to shape the country’s economy during the apex bank’s 294th meeting of the Monetary Policy Committee on Tuesday, March 26, 2024.The MPC had in February raised the country’s interest rate from 18.75% to 22.75% to stem galloping inflation which stands at

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