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).
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
