The Central Bank of Nigeria has dismissed as fake a circular alleging it approved the sale of foreign exchange to Bureau De Change operators in the country.
The circular, dated Tuesday, December 10, claimed the apex bank sold $20,000 to each eligible BDC operator at a rate of N1,300 per dollar.
The fake circular stated, “Amid ongoing reforms in the foreign exchange market aimed at establishing a market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has noted persistent price distortions in the retail segment of the market. These distortions are affecting the parallel market and widening the exchange rate premium.”
The CBN, through its official X account today 11/12/24, dismissed the circular as fake.
This clarification follows a strengthening of the Naira over the past week in the FX market, driven by the introduction of the Electronic Foreign Exchange Matching System (EFEMS) for more transparent FX transactions.
Despite the Naira weakening to N1,660 per dollar on the black market over the last two days, it appreciated against the dollar in the official market on Tuesday, closing at N1,525.
A reporter noted that the CBN’s last intervention in the black market occurred in September 2024, when it sold foreign exchange to BDC operators at a rate of N1,590 per dollar.
