The naira depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$.

This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators.

The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013 and uploaded to its website on Tuesday.

It was signed by the CBN Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it was set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Amid the development, the naira maintained a depreciation trend against the United States dollar on Tuesday, falling to N1,300 per dollar at the Nigerian Autonomous Foreign Exchange Market.

The new rate is N66 per cent weaker than N1,234 per dollar recorded on Monday.


A summary of the forex transaction showed that the intra-day high depreciated by N22, closing at N1,317 per dollar from N1,295 per dollar. The intra-day low however gained to N1,000 from N1,051/$.

While the total daily turnover increased slightly to $133.65m from $110.17m on Monday.

At the parallel market, currency traders sold the dollar between the rate of N1,300 and N1,320 on Tuesday from N1,260 recorded on Monday.

Earlier this month, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

This initiative represents the second such occurrence this month and the fourth instance this year, underlining the CBN’s proactive strategy in managing currency volatility and ensuring the availability of essential foreign exchange.

The PUNCH reported on Monday that the Naira depreciated against the United States dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”


This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

Source: https://punchng.com/CBN-releases-more-dollars-as-naira-weakens-to-1300/$

It's well

This is not the solution. Export more than you import. Earn in dollars from exports and digital products and watch the Naira stabilize. For those looking for a genuine way to export and selli digital products to the whites, buy and sell expired domain domains online. Yes. Register good domains for $8 each and resell above $100. Isn't that an exportation? Below is one of my proofs of how I do it and if you wish to know more about what am talking about, Check this free awareness thread; https://www.nairaland.com/3430037/what-make-money-online or Google how to make money online buying and selling of expired domain names. Imagine the solution this CBN governor is bringing.

How long will they continue doing this?
Check the screenshot below. I bought this domain $7.99 in Dec 2023 and resold it $400 by January this year. It's all about researching and creativity.

Hmmm, may God help this country

These approaches are at best unsustainable.

By the time they've exhausted these artificial measures, trust the Dollar to go on a galloping against the Naira at the speed of light.

If you understand how pressure take dey leave ruptured pipe, you'd understand what I mean above.

gaby:
These approaches are at best unsustainable.

By the time they've exhausted these artificial measures, trust the Dollar to go on a galloping against the Naira at the speed of light.

If you understand how pressure take dey leave ruptured pipe, you'd understand what I mean above.

How can we exhaust these artificial measures? CBN gives BDC max 2 million dollars weekly in 10,000 dollars denominations, do you know how much they make daily in the sale of crude oil and all monies paid in dollars.
Importation of Petroleum products has drastically reduced due to Dangote refinanry, our lil challenges now is study abroad

Economic saboteurs are fighting back.

God help this Country.

Opari…Yoruba supporters of tinubu say obidients don’t love Nigeria for refusing to celebrate mediocrity whenever they are advised to use logic and common sense . Obidients have been vindicated as everything they mentioned before the last elections on why tinubu is not the best candidate to lead Nigeria out of the very complex problems Nigeria is in now have all come to pass. Tinubu have actually made it worse than the utter damage buhari did to Nigeria. It is shameful that some people because of tribalism went on social media to support this tinubu tragedy as if they have any other country in the world apart from Nigeria

westlius:

How can we exhaust these artificial measures? CBN gives BDC max 2 million dollars weekly in 10,000 dollars denominations, do you know how much they make daily in the sale of crude oil and all monies paid in dollars.
Importation of Petroleum products has drastically reduced due to Dangote refinanry, our lil challenges now is study abroad

But don't also forget that the federal government is using part of the forex earnings to pay debt.

Good

200 FX account was closed, that alone should increase the dollars in circulation

Building a Nation is a collective task for all citizens.
Unfortunately, Nigerians are truly not United in this difficult task of Nation Building. We are more interested in our tribesmen being at the helm.

One Nigeria remains a Scam. Even Tinubu never believed in One Nigeria...

Sensiblemann:
I sell at 700/$. Hurry up before it is too late.

Mugu no dey for NL

If you get ordinary $5 bill, you won't be wasting life and time on NL trolling others for over 6 years

Stop the cheap scam.

Sensiblemann:
You wish. I've secured the bag already. I Just wanted to help you get a job, Get married and start living a decent life.

Sensible man wey refused to be sensible on this forum.

Your over years charades are below

LegendHero,

The more you look, the less you see!

From consumption to production is the hard way and the only way!

iykepromotions:
This is not the solution. Export more than you import. Earn in dollars from exports and digital products and watch the Naira stabilize. For those looking for a genuine way to export and selli digital products to the whites, buy and sell expired domain domains online. Yes. Register good domains for $8 each and resell above $100. Isn't that an exportation? Below is one of my proofs of how I do it and if you wish to know more about what am talking about, Check this free awareness thread; https://www.nairaland.com/3430037/what-make-money-online or Google how to make money online buying and selling of expired domain names. Imagine the solution this CBN governor is bringing.

How long will they continue doing this?
Check the screenshot below. I bought this domain $7.99 in Dec 2023 and resold it $400 by January this year. It's all about researching and creativity.

It has nothing to do with ur suggestion.... Nigerians are wicked people , they are buying and hoarding it...this sort of practice will destroy any nation... I have said it repeatedly, FG should make it illegal to have FX ...that's the only solution

When they are ready, they will focus on what Peter Obi suggested, "from consumption to production"

Otherwise all this patch patch approach no go help anybody

Idens:
It's well

It's not actually....

Bloomberg talk about this.
They are padding the naira by depleting reserve dollars..

It's going down more.

Good news for piiiiiggs

But local refining of petrol will end all this once and for all

Sensiblemann:
You wish. I've secured the bag already. I Just wanted to help you get a job, Get married and start living a decent life.

You didn't secure anything bro.

Hmmm, may God help this country

For how long will cardi b continue twerking?