CBN sells dollars to BDCs below market rate at N1,101/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggests BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

https://nairametrics.com/2024/04/08/cbn-sells-dollars-to-bdcs-below-market-rate-at-n1101-1/

Any move to bring down the dollar is accepted.

Wow! So low and cheap, yet these greedy abokì people will sell it to us @1,300 and above.

Government is responsible for all these inflation and FX instability.

Give the Dollars to banks. Monitor and mandate them to sell to people who needs it.

It's ridiculous that one can't use the naira ATM cards to make any online foreign purchase as it used to be before. Government made access and demand for FX very difficult, yet they want the naira to appreciate.

The naira ATM card is extremely useless beyond Nigeria market and this is the main reason why people are desperate for dollars and will buy at any amount.

Dollar going down is a welcomed development. Its just unfortunate the CBN is using our foreign reserve to defend the Naira.

We are depleting our foreign reserves.

Tinubu simply returned to Emefiele's policies they criticized.

This approach is working and it seems Federal Government is targeting a benchmark at which dollar will stabilize.

Since when the speculators have been successfully caged, we've been seeing Naira gaining more value gradually.

I hope they're not robbing peter to pay Paul just to trigger hoarders. Time will always tell.

They pumped in borrowed billions of dollars into the forex market how long can they sustain borrowing to stabilize the dollar?

People dat don't av dollar will be happy about dis
While those dat deal on dollars will be sad ...

Rather than praise this development, it should be queried.

The foreign reserves recently went down by $900m. Would a stronger Naira not lead to an increase for Dollars, simply adding more pressure to the foreign reserves?

Cardoso the headmaster!

Please take it to #700 in the next few months and let’s maintain stability at that price.

We have always said Naira is undervalued, na those BDC just carry us trabaye during Emefiele era. Now thy are counting their loss and selling even lesser than the official market.

It's funny, how are they getting the dollars being sold? Why not grow our economy and watch the naira rise?

Thanks

984 naira

Obidient will say propaganda,emergency lover of Nigeria

Gbese



Omo people don too enter gbese like this....


They made sure they unified the rate before they start defending...


All the Save in Dollar crew like this will be doing testimony right now...

spagettiluv:
Obidient will say propaganda

They don give up.

Cardoso don show them pepper. Which mouth they wan use say na propaganda when in the next few days dollar go show closer to that price.

Even for WorldRemit now, na N1173 to the $

Car shock absorber don cost lately

good

Nice!

Bh

Okay

What happened to the one they earlier got, what happened if they can't sell it? Does that mean they will run to loss? Then are they physical transactions and not digital? Just curious to know. Gradually it is approaching 800 naira. Let the price of commodities too come down.

Economists say that we have to wait for three months before we start seeing decline in the prices of goods. But even at that, CBN must sustain the momentum and gains

hisgrace090:
Any move to bring down the dollar is accepted.

Not just about the move, ALMIGHTY is Anwersing Prayers of Nigerians that truly Love Nigeria. Did you watch when Apostle Arome Osayi declared 40 Days Interdenominational Prayer and Fasting for Nigeria? Good Muslims have been Fasting and Praying for Nigeria too. The Truth is that CREATOR of Heaven and Earth still answers Prayers.

Before some come here to say American, UK and China don't Pray see:
https://www.nairaland.com/8054547/proliferation-witchcraft-wickedness-western-world

inoki247:
Gbese

Gbese for people who bought the dollar above 1200.

I know few friends who bought it at over 1700/$.

One of them bought USDT at over 1800.

Nice one . They should keep it up

j

Another rally by King Naira coming! Inflation must nosedive by fire by force.

Good job!

I hope it's a sustainable step, so we won't be one step forward and three steps backwards.
Any sustainable move to improve the value of naira against dollars is welcome

Lol
You see the pitiable life of these dumb Zombies

They are the real headless mob

When naira was "floated" and the value nosedive, they told us defending the naira was a crime that was being committed by past leaders and tinubu is here to right centuries of wrong

Now that naira is being pegged and the value is rising, they are saying anything to bring naira back up is welcome

Ask yourself, so what were they blaming Emefiele and past leaders for?

If anything to help naira rise is welcome, what was the wisdom in floating it and now using double the usual amount needed to shore it back up?

Chai!! And you tell me these idiots have sense

Nice move. I love this systematic reduction strategy