The Central Bank of Nigeria has initiated another round of dollar sales to Bureau De Change Operators in a bid to further strengthen the Naira’s position in the foreign exchange market.

Aminu Gwadabe, the National President of the Association of Bureau De Change Operators, confirmed this exclusively to DAILY POST on Monday.

The apex bank has commenced selling $10,000 FX to each eligible BDC at the rate of N1,101 per dollar.

According to the apex bank’s directive, all BDCs are permitted to sell to end-users with a margin not exceeding 1.5 per cent above the purchase rate from CBN.

This implies that BDCs are expected to purchase at N1,101 per dollar and sell at N1,117.52. Gwadabe noted, “It is true, CBN had started selling dollars to our members at N1,101/$1, it was reviewed downward from N1,251 per Dollar.”

This development occurred shortly after BDCs advocated for FX allocation below N1,251 per dollar to sustain the Naira’s appreciation in the forex market.

Recall that last month, CBN sold $10,000 at an exchange rate of N1,251 to BDCs as part of efforts to defend the Naira in the foreign exchange market.

Over the past month, the Naira has consistently appreciated against the dollar, reaching N1,251.05 per dollar last Friday.