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CBN Sells FOREX To BDCs At ₦‎1,450/$ - Business - Nairaland

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CBN Sells Fresh Dollars To Bdcs At N1,021/$ / CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 / Naira Rises To ₦‎1,450/$ After CBN Hiked Interest Rate (2) (3) (4)

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CBN Sells FOREX To BDCs At ₦‎1,450/$ by Paraman: 4:42pm On Jul 18, 2024
The Central Bank of Nigeria on Thursday sold dollars to eligible Bureau De Change operators at the rate of N1450/dollars.

This was disclosed in a statement signed by the acting director of the Trade and Exchange Department at the CBN, AA Mahdi, on Thursday.

This comes days after the apex bank sold $123m to authorised dealers.

The Association of Bureau De Change Operators of Nigeria claimed that they were excluded in that tranche of forex sales.


The President of the ABCON, Aminu Gwadebe, in an interview with The PUNCH, said only banks got the forex intervention.

In the latest move, the CBN said it has “approved the sales of FX to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).”

Premising the move on the ongoing reforms in the foreign exchange market, the CBN said it “Has observed the continued distortions in the retail end of the market, which is feeding into the Parallel market and further widening the exchange rate premium.”

It warned the BDCs to sell to eligible end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.
https://punchng.com/cbn-sells-forex-to-bdcs-at-n1450/?utm_source=telegram&utm_medium=social

4 Likes 1 Share

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by SmartPolician: 4:52pm On Jul 18, 2024
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.

33 Likes 3 Shares

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Realdeals(m): 5:19pm On Jul 18, 2024
CBN is not defending, but only intervening by selling at the prevailing market price. They are meant to be intervening in the market because they are the custodian of the FX earned by the government.
SmartPolician:
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.

35 Likes 1 Share

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by salbis(m): 5:36pm On Jul 18, 2024
Babachir don talk am say na patch patch CV Cardoso get.

36 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by damilola4162(m): 5:36pm On Jul 18, 2024
R
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by DollarTT: 5:36pm On Jul 18, 2024
Too cost
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by xavuv: 5:37pm On Jul 18, 2024
Keep your dollars close

7 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Realtord43: 5:38pm On Jul 18, 2024
Something the can't sustain for a long period, seem the are trying to prevent the dollar from reaching up to 2k

Backdoor of defending the Naira

21 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by rinzaugustine: 5:38pm On Jul 18, 2024
Obi and Atiku were telling Nigerians of their manifestos and how to lift Nigeria out of poverty from the total mess created by buhari. Atiku said he will run a capitalist economy by selling most of the government assets like refineries etc so that private sector will manage it as they have done so more than government. Obi said he will retain government assets but channel his attention on removing the corruption that made those things not to work , save money from government spending and spend those monies directly on Nigerians through SMEs , that way there will be a lot of liquid cash in circulation and an increased production and jobs in the country for investments and pulling people out of poverty. It came to tinubu’s turn he was talking nonsense , gazelle garaga ,town hall different from bulaba, poisoned chalice, went to Chatham house and told them he had no manifesto but plan to appoint the best hands if he wins. Tinubu had no plan or manifesto for Nigeria but his supporters justified with “ Emilokan. Tinubu is going to teach Igbos politics“

32 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by unity004(m): 5:38pm On Jul 18, 2024
Qww
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Abimloaded(m): 5:38pm On Jul 18, 2024
It's always intervention from the apex bank.
The problem will always be about the SUSTAINABILITY

4 Likes 1 Share

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by fmlala: 5:39pm On Jul 18, 2024
OK

1 Like

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by gabmanuel(m): 5:39pm On Jul 18, 2024
Let's hope for the best...
I pray things get better in Naija, we don too suffer

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by yesloaded: 5:39pm On Jul 18, 2024
I pray it's sustainable

Although 1450 still high

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Juju70(m): 5:41pm On Jul 18, 2024
Anoda round of drip grin grin

2 Likes 1 Share

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by muykem: 5:41pm On Jul 18, 2024
Realdeals:
CBN is not defending, but only intervening by selling at the prevailing market price. They are meant to be intervening in the market because they are the custodian of the FX earned by the government.
Thank you. Many people don't understand that CBN is a major trader in foreign exchange market.

66 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by forgiveness: 5:41pm On Jul 18, 2024
It was 1,533 naira at the Bureau de change in Lagos 2 weeks ago but 1,565 naira in Abuja after 3 days I changed in Lagos but suprisingly, it went to 1,595 naira the next day.

Bureau the change are the major problem of the currency in Nigeria.

76 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Mrpatrizio1234: 5:41pm On Jul 18, 2024
Juju70:
Anoda round of drip grin grin

In terms of starting your own business, try quickwashpro, where you can start your own car washing business

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by sniperr007(m): 5:42pm On Jul 18, 2024
SmartPolician:
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.

Are you surprised? They backtrack on all their policies.
They don't have any idea and doing trial and error.

3 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by 004gist: 5:43pm On Jul 18, 2024
:according to Tinubu he want to unify exchange rate

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Anguldi(m): 5:44pm On Jul 18, 2024
tongue
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by ecomalchemistt(m): 5:45pm On Jul 18, 2024
Nigeria don tire me.

Baseus powerbank available for wholesale and retail, check my profile for details.

5000 pcs available
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Tjra: 5:46pm On Jul 18, 2024
SmartPolician:
CBN has started something they cannot finish. They are back to defending the naira whereas Tinubu claims that it's the free market determining the exchange rate.
There is a difference between defending Naira and intervention by selling to BDCs occasionally.

It's to boost FX liquidity and reduce demand pressure.

10 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by saddler: 5:46pm On Jul 18, 2024
grin

They have come again with defending the naira.

Dollar was up over 1600 yesterday and with this news its now 1580.

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Juju70(m): 5:47pm On Jul 18, 2024
Mrpatrizio1234:


In terms of starting your own business, try quickwashpro, where you can start your own car washing business

Ok Sir!
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Calitoscassius(m): 5:48pm On Jul 18, 2024
Today i exchanged £1 to 2070 naira, grin nice! I knew it would come to this and kept my £££, soon it will hit £1 to 2500 naira.


Tifnubu till 2035! Emilokan is really working.

6 Likes 1 Share

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by IamObidientBut: 5:49pm On Jul 18, 2024
Drug syndicate man. Na statistics we go chop ?

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by saasala(m): 5:50pm On Jul 18, 2024
We're back to square one, ain't we?

The subsidy shenanigans continues...

2 Likes

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by GreenCovering: 5:50pm On Jul 18, 2024
It warned the BDCs to sell to eligible end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

Na this line dey always funny me
smiley

1 Like

Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by NaijaCover(m): 5:51pm On Jul 18, 2024
How Will Mr Blogger, Pay For His Hosting Na?
Re: CBN Sells FOREX To BDCs At ₦‎1,450/$ by Lawalemi(m): 5:53pm On Jul 18, 2024
Rubbish. After they ruin the economy

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