The Central Bank of Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. CBN, in a post on its X handle, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of $1001/$1 was “fake”. According to the … Read more
On Monday, the naira gained further in the parallel foreign currency (FX) market. Currency traders, commonly known as bureau de change (BDC) operators, offered the naira at N1,100 to the dollar in Lagos’ street market. The dealers set the purchase price of the dollar at N1,070 and the selling price at N1,100, leaving a profit … Read more
The Nigerian currency, naira, on Friday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market. Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,110 and the selling price at N1,150 — leaving a profit margin of N40. … Read more
On Monday, the naira appreciated to N1,120 per dollar in the parallel part of the foreign currency (FX) market. The current FX rate is a 9.67% reduction from the N1,240/$ recorded on April 3. Bureau de change (BDC) operators, popularly known as street traders, in Lagos quoted the local currency’s buying rate at N1,100 and … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Central Bank of Nigeria (CBN) has declared that it will once again sell dollars to bureau de change operators. This was announced in a circular posted on it’s website. The CBN stated that it intends to offer $10,000 to each BDC at N1101/$ and instructed the operators to sell at a margin no more … Read more
The naira began the new month on a positive note, rising to N1,278.58 against the US dollar from N1,309.39 per dollar last Thursday. This is an increase of N30.81 at the end of trading activity. According to FMDQ Securities statistics, the Nigerian Autonomous Foreign Exchange Market’s indicative exchange rate has fallen below the N1,300 ceiling … Read more
The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), disclosing that each BDC has been allocated $10,000 at a rate of N1,251 per dollar. According to the circular, which was issued on Monday, BDCs are required to sell the assigned dollars to qualifying clients at a cost no … Read more
On Wednesday, the naira rose 1.88 percent to N1,570 in the parallel part of the foreign currency (FX) market. Nigeria’s currency rose from N1,600/$ exchanged on March 11. Currency merchants in Lagos, commonly known as bureau de change (BDC) operators, quoted the greenback’s buying rate at N1,550 and selling price at N1,570, yielding a profit … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more