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Hope for naira as CBN sells dollars to BDCs at N1,251/$1

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Naira maintains positive outlook amid concerns over decline in reserves

The Central Bank of Nigeria (CBN) on Monday, issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251/$1.

The apex bank, in the circular, said each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggest BDC are not expected to sell above N1,269/$1.

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The circular reads in part: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price.”

Meanwhile, naira closed on Monday at N1408/$ at the NAFEM market and fell below N1,400/$1 in the parallel market after closing at N1,431/$1 on Friday.

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