Market News
CBN Sells $20,000 To Each BDC At N1,450/$ - LEADERSHIP
Written by Mark Itsibor
The Central Bank of Nigeria (CBN) has expressed concern over the continued distortions in the retail end of the foreign exchange market, which is feeding into the parallel market that has further widen the exchange rate premium.
To close the gap on the price between the official and the parallel segments of the market, the CBN said it has approved the sales of FX to eligible Bureau De Changes (BDCs) to meet the demand for invisible transactions.
In a circular that was issued on Thursday, the Central Bank said the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).
