Naira Regains Strength As CBN Sells $10,000 To BDCs At N1,101/$

The Central Bank of Nigeria announced on Monday the sale of dollars to Bureau De Change operators.

The CBN informed the BDCs that the sale of $10,000 to each BDC at a rate of N1,101/$1.

In a circular seen by OSUN DEFENDER, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

This suggests that BDCs are not expected to sell above N1,117/$1. The selling rate is below the N1,251.05/$1 recorded at the end of last week, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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