CBN Denies N1,300/$ Circular To BDC Operators

The Central Bank of Nigeria (CBN) has denied the authenticity of a circular that claimed it authorized the sale of foreign exchange to Bureau De Change (BDC) operators in the country.

The circular, dated Tuesday, December 10, alleged that the CBN had sold $20,000 to eligible BDC operators at a rate of N1,300 per dollar.

The circular, which was later revealed to be fake, included a statement that read: “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.”

In response, the CBN quickly addressed the matter on its official X account on Wednesday, clarifying that the circular was not authorized by the bank and was false.

This development comes amid recent changes in the foreign exchange market, where the Naira has shown some improvement against the US dollar following the introduction of the Electronic Foreign Exchange Matching System (EFEMS). This new system is designed to promote transparency in foreign exchange transactions.

While the Naira had weakened in the black market to N1660 per dollar in the last two days, it strengthened on Tuesday in the official market, closing at N1,525 per dollar.

The last time the CBN intervened in the black market was in September 2024, when it sold foreign exchange to BDC operators at a rate of N1,590 per dollar.

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