The Central Bank of Nigeria (CBN) has refuted claims of selling foreign exchange (FX) to eligible bureau de change (BDC) operators at a rate of N1,301 per dollar.
In a post shared on X (formerly Twitter) on Tuesday, the CBN clarified that the purported circular containing this information did not originate from the bank.
The fraudulent circular alleged that all BDC operators were permitted to sell FX to eligible end-users at a margin not exceeding 1% above the rate purchased from the CBN. However, the bank has categorically disclaimed this information as false.
The fake document read: “Following the on-going 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,” the fake circular reads.
“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1.301/S-(representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, December 10, 2024
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentations for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO)”
However, the financial regulator described the information as misleading and confirmed it has no connection to the CBN.
On September 6, the CBN officially approved the sale of dollars to bureau de change operators at a rate of N1,580 per dollar.
