Money Market
CBN denies selling FX to BDCs at N1,001/$1
The Central Bank of
Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change
(BDC) operators at the rate of N1,001/$1.
CBN, in a post on X on Thursday, said a
circular claiming the apex bank announced the sale of $10,000 to BDCs at the
rate of N1,001/$1 was “fake”.
According to the circular, the BDCs are required to sell to
eligible end users with a margin of no more than 1.5 percent above the buying
cost.
“We write to inform you of the sale of $10,000 by the
Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular
reads.
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