Why We Sold $ at N360 to BDCs-CBN

The Central Bank of Nigeria (CBN) yesterday sold $20,000 to each registered Bureau de Change operators who bided for forex yesterday at a rate of 360 naira per dollar in order to boost liquidity.

A Trader, Shehu Usman confirmed to the Media that the CBN fulfilled their promise which brought stability in the forex market.

The apex bank also offered the sum of $100 million to authorized dealers to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, disclosed this in a statement.

The statement said that no intervention was made in the retail window in yesterday’s auction.

He, however, disclosed that the Bank continued its weekly sale of forex to the Bureau de Change (BDC) segment to meet the needs of low-end users.

Furthermore, he said the CBN had observed that quite a good number of dealers were adhering to the forex guidelines. Nevertheless, he said the CBN will continue to monitor the activities of authorized dealers to ensure that no outfit or individual circumvents the laid down forex rules. 

While urging all concerned to put the Nigerian economy first, he reiterated that the CBN was determined to guarantee the international value of the naira.

Meanwhile, reports gathered in Abuja and Lagos on Thursday indicates the Naira sold at the rate of N380/$1.