The Central Bank of Nigeria (CBN) has denied the sales of foreign exchange (FX) to eligible bureau de change (BDC) operators at N1,301 per dollar.
In a post on X on Tuesday, CBN clarified that the circular did not originate from the bank.
According to the fake circular, all BDCs are allowed to sell to eligible end-users at a margin not more than 1 percent above the purchase rate from CBN.
“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.
“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 $20,000 is to be sold to each BDC at the rate of N1.301/S-(representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, December 10, 2024
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO)”
However, the financial regulator said the information is misleading and not affiliated with the CBN.
On September 6, CBN approved the sale of dollars to bureau de change operators at N1,580/$.
