CBN (The Central Bank of Nigeria) has debunked a fake circular claiming that it authorized the sale of foreign exchange to Bureau De Change (BDC) operators at a rate of N1,300 per dollar.
The circular, dated December 10, alleged that the apex bank sold $20,000 to each eligible BDC operator at the aforementioned rate.
However, the Central Bank of Nigeria has taken to its official social media platform to dismiss the circular as fake.
This development comes on the heels of the Naira’s recent gains against the dollar at the FX market, following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for transparent FX transactions.
Notably, the Central Bank of Nigeria had previously discontinued the sale of foreign exchange to BDC operators, opting instead to channel allocations through Deposit Money Banks (DMBs).
This move was aimed at sanitizing the forex market and resolving price distortions.
Despite the CBN’s efforts, the Naira has experienced fluctuations in value, weakening to N1660 per dollar at the black market over the past two days.
Nevertheless, the currency gained ground against the dollar at the official market on Tuesday, closing at N1525.
The CBN’s last intervention in the black market was in September 2024, when it sold FX at N1590 per dollar to BDC operators.
As the apex bank continues to navigate the complexities of the forex market, its commitment to transparency and stability remains crucial.
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