Naira Rises as CBN Sells Dollars to BDCs at N1,101

The Central Bank of Nigeria (CBN) has ignited a fresh wave of dollar sales to Bureau De Change (BDC) operators, igniting hopes for a stronger Naira in the forex market.
Confirmed exclusively by Aminu Gwadabe, President of the Association of Bureau De Change Operators, this Monday revelation spells a new era of currency appreciation.

With each eligible BDC receiving $10,000 at an enticing rate of N1,101 per dollar, the CBN is firing up the engines for economic lift-off.
Under the new directive, BDCs are authorized to sell to end-users with a slim margin, promising a win-win scenario.

This move, marking a significant drop from the previous exchange rate of N1,251 per dollar, underscores the CBN’s commitment to stabilizing the Naira.
The timing couldn’t be better, coming on the heels of BDCs’ clamor for a lower FX allocation to sustain the Naira’s upward trajectory.

Just last month, CBN’s intervention at N1,251 per dollar was a lifeline for the Naira, and now, with a month-long streak of appreciation, the Naira stands tall at N1,251.05 per dollar.

With the CBN’s latest initiative, the Naira’s ascent seems unstoppable, paving the way for brighter prospects in Nigeria’s forex landscape.