![The Central Bank of Nigeria, CBN. [PHOTO CREDIT: Ehud Kaduna]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2022/01/20200913_161409-scaled-e1652250793565.jpg?fit=2387%2C1702&ssl=1)
The Central Bank of Nigeria (CBN) on Tuesday dismissed a circular authorising sales of foreign exchange (FX) to Bureau De Change (BDC) operators in the country.
The controversial circular, dated 10 December, suggested that the CBN would sell $20,000 to each BDC to meet the demand for invisible transactions, at a rate of N1.301/$.
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It also claimed that BDCs could sell the foreign currency to end-users at a margin not higher than 1per cent above the purchase rate.
“Following the on-going reforms in the foreign exchange market, aimed at achieving an appropriate market determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium,” the fake circular reads.
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“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1.301/S-(representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, December 10, 2024.
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO).”
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In a statement posted on X, the CBN refuted the claims, describing the circular as misleading and unauthorised.
“This information is misleading and not affiliated with the Central Bank of Nigeria,” the post read, urging the public to disregard the document.
The bank had earlier disclosed that it sold a total of $543.5 million to authorised dealer banks between 6 and 30 September.
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