Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,207,467 members, 7,999,111 topics. Date: Sunday, 10 November 2024 at 05:46 PM

CBN Sells Fresh Dollars To Bdcs At N1,021/$ - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Sells Fresh Dollars To Bdcs At N1,021/$ (18226 Views)

Fake News Alert: CBN Denies Selling FX To BDCs At ₦‎1,001/$1 / CBN Sells Dollars To BDCs Below Market Rate At ₦‎1,101/$1 / CBN Sells Dollars To Banks For First Time In 5 Months (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

CBN Sells Fresh Dollars To Bdcs At N1,021/$ by abc115: 12:27pm On Apr 23
CBN sells fresh dollars to BDCs at N1,021/$

The Central Bank of Nigeria (CBN) has issued a circular announcing fresh sales of $10,000 to each licensed Bureau De Change (BDC) operator in the country at N1,021/$.

The BDCs are directed, in turn, to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

This marks the second of such direct sales to BDCs this month and the fourth in the current year, indicating that the apex bank is proactive in managing the fluctuation of the Naira and meeting the essential foreign exchange needs of the people.

The CBN outlined the details of the sales in a circular addressed to the president of the Association of Bureau De Change Operators (ABCON) and urged the BDCs to play by the rules.

The CBN’s intervention aims at addressing the retail-end market, particularly for invisible transactions such as travel allowances, tuition fees, and medical payments, etc.

The circular states in part, “All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches.”

On April 8, 2024, the CBN sold $10,000 FX to each of the 1,588 participating BDCs at a fixed rate of N1, 101/$ at a spread capped at 1.5 per cent above the purchase price from the CBN.

Also, the CBN, in February 2024, announced the sales of $20,000 to each BDCS at the rate of N1,301/$.

https://tribuneonlineng.com/cbn-sells-fresh-dollars-to-bdcs-at-n1021/

15 Likes 1 Share

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Namaster: 12:34pm On Apr 23
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.

17 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by alizma: 12:38pm On Apr 23
Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.
Lol, you don't understand the market, at times, the margin can be just 5 Naira

40 Likes 3 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by CodeTemplar: 12:56pm On Apr 23
Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.
that's per dollar and no heavy logistic is involved because the dollar is handy enough. It is in heavy goods market where prices can be inflated and justified easily with cost of associates logistics.

37 Likes 3 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by helinues: 12:56pm On Apr 23
Toh

41 Likes 1 Share

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by helinues: 12:57pm On Apr 23
Namaster:
Funny if true.

The idea that a Nigerian will be satisfied with ORDINARY #15 profit.

Abeg, make una stop displaying una half baked knowledge about things. So if you have millions in trading and gained N15, how much do you think that would be ?

Una hatred for una country don dey make reasonable number of you guys to be misyarning

139 Likes 10 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by CodeTemplar: 12:58pm On Apr 23
helinues:
Toh
Tah

10 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by helinues: 12:58pm On Apr 23
CodeTemplar:
Tah

Our time to jubilate

Chai, why are all the bad news fading away for you guys to celebrate now

grin

56 Likes 2 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by nawaforyouo: 1:13pm On Apr 23
medicine after death

4 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Parydelegate: 1:57pm On Apr 23
People are now wiser grin
Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by nawaforyouo: 2:00pm On Apr 23
Parydelegate:
People are now wiser grin

as in ehn angry

The outcome of last week has already washed down the potency of this move (News about depleting reserves and all)


Imagine, this came out yesterday, but had no affect on today's rate. WTF?!

Black market now at 1270

CBN messed up big time. They should not have rushed this Naira appreciation strategy. They had all in their favor, yet they messed up!

17 Likes 2 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by leokid866: 2:11pm On Apr 23
nawaforyouo:


as in ehn angry

The outcome of last week has already washed down the potency of this move (News about depleting reserves and all)


Imagine, this came out yesterday, but had no affect on today's rate. WTF?!

Black market now at 1270

CBN messed up big time. They should not have rushed this Naira appreciation strategy. They had all in their favor, yet they messed up!
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself

58 Likes 4 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by nawaforyouo: 2:20pm On Apr 23
leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself



https://www.nairablackmarket.com/page/Black-market-exchange%20rates

15 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by leokid866: 2:25pm On Apr 23
nawaforyouo:


if you are so sure of this rate enter street and ask Aboki to give you this rate let's see what will happen.....

22 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by nawaforyouo: 2:30pm On Apr 23
leokid866:
if you are so sure of this rate enter street and ask Aboki to give you this rate let's see what will happen.....

embarassed

https://abokifx.com/news/naira-depreciates-further-at-parallel-market-trades-at-n1-260-the-cable?type=market

3 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Sheuns(m): 2:34pm On Apr 23
leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself

1270-1290 is what you'll get from aboki as now.

22 Likes 3 Shares

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by leokid866: 2:36pm On Apr 23
Sheuns:


1270-1290 is what you'll get from aboki as now.
why you lying 🤥......

10 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by leokid866: 2:37pm On Apr 23

13 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Whyme24(m): 3:33pm On Apr 23
Ok
Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by salbis(m): 3:33pm On Apr 23
That price no follow for wapa, here in Kano oo.

The price is gradually moving downwards, though.

3 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by tiswell(m): 3:34pm On Apr 23
Return dollar to N600 where you met it,simple.



All these back and forth

13 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Believeintruth: 3:34pm On Apr 23
leokid866:
stop pasting lies....black market is below 1k.....even aboki fx wey dey lie no quote 1270......you better go and sell your dollars cause you are only lieing to yourself

Oga stop deceiving yourself black market as at last night was 1270

17 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Goldbw122(m): 3:34pm On Apr 23
Is alright
Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Amayabor1: 3:34pm On Apr 23
Na our foreign reserve una dey sell give BDCs?

16 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Femich18(m): 3:34pm On Apr 23
Ok good.
We hope in few weeks time it will sell below #900 to a dollar at the parallel market

4 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by SouthSouth1914: 3:34pm On Apr 23
In reality, BDCs are the CBN, and CBN don’t have sense! BDCs will get from the CBN and also from banks making themselves major players and determinants of the price of the USD.

The CBN should create a database of the banks and whom they are selling to (Consumers), the Nigerian people are the ones who really need the USD in other to checkmate the excesses of BDCs, not some unscrupulous elements feeding fat off the nations coffers!

Nigeria is just one bleeping corrupt entity!

5 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by ATEAMS: 3:35pm On Apr 23
LoL
Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by adioolayi(m): 3:35pm On Apr 23
Just bring it down!!!

Well-done Mr Cadosso

8 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Cineinfo(m): 3:35pm On Apr 23
Why can't the CBN sell at 700?

4 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by morikee: 3:35pm On Apr 23
I hope them no go deny am again
Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by omoredia: 3:35pm On Apr 23
What purpose is these BDC to our economy that Tinubu has taken as number one priority. They are a leech on our fx

3 Likes

Re: CBN Sells Fresh Dollars To Bdcs At N1,021/$ by Kingpele(m): 3:35pm On Apr 23
Bring it down to 700 buharia left it please....

4 Likes

(1) (2) (3) (4) (Reply)

CBN Grants Banks’ Approval To Debit Loan Defaulters / Naira Depreciates To N1,305/$ In Parallel Market / Nigeria Stock Market Becomes World’s Best, Beats Argentina

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 36
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.