The Central Bank of Nigeria (CBN) has dismissed reports claiming it approved the sale of foreign exchange (FX) to Bureau De Change (BDC) operators at N1,301 per dollar. In a post on X on Tuesday, the CBN clarified that the purported circular did not originate from the bank and described the information as false and misleading.
The fake circular suggested that BDCs could purchase FX from the CBN at N1,301/$ and sell to end-users at a margin not exceeding 1% above the purchase rate. It also falsely claimed that $20,000 would be allocated to each BDC to address demand for invisible transactions, with payments to be processed at specific CBN branches.
The CBN emphasized that this information is not affiliated with its policies, reiterating its commitment to maintaining transparency in the FX market.
It is noteworthy that on September 6, 2024, the CBN approved FX sales to BDC operators at a rate of N1,580/$. This policy remains in place as part of the ongoing reforms aimed at achieving a market-determined exchange rate for the Naira.
The bank urged the public to disregard the fake circular and rely on verified sources for accurate information.
