The Central Bank of Nigeria (CBN) has taken steps to stabilize the market by conducting another round of dollar sales to licensed Bureau De Change Operators. This move aims to address the recent decline in the value of the naira and ensure there is enough liquidity in the market.
According to a circular seen by marketinghub, the CBN is offering a discounted rate of $10,000 at N1,021/$1 per dollar to licensed BDC operators. This rate is notably lower than the official exchange rate, which closed at N1,234.49 on Tuesday, April 23, 2024.
Instructing BDCs to prevent round-tripping, the CBN has mandated them to sell the allocated dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This means that BDCs are expected to sell dollars to Nigerians at a maximum rate of N1,040.
The CBN’s directive includes submitting necessary documentation for the disbursement of FX at respective CBN branches. This measure aims to streamline the process and ensure transparency in the distribution of foreign exchange.
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Additionally, Nigerians have raised concerns about the impact of new cryptocurrency platforms, such as BYBIT and BITGET, on the depreciation of the naira. While the earlier decline was attributed to alleged market manipulation by Binance, the emergence of these platforms has further exacerbated the situation, leading to a loss in the value of the naira.