NewStats: 3,263,804 , 8,181,444 topics. Date: Sunday, 08 June 2025 at 12:27 AM s5x67

The Central Bank of Nigeria has announced plans to sell forex to bureau de change operators at N1,301 per dollar.

The decision, which aimed to enable the sale of foreign exchange to BDC operators to meet the retail demand for eligible invisible transactions, was contained in a statement signed by Hassan Mahmud, a director at the Trade and Exchange Department.

The statement explained that CBN made the decision after observing the continued price distortions at the retail end of the market, which, according to them, is feeding into the parallel market and further widening the exchange rate .

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 .”

“To this end, the CB 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/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

It added that all BDCs should sell to end-s at a margin not more than one per cent above the purchase rate from CBN.

“All eligible BDCs are directed to make the naira payment to the designated CBN foreign currency deposit naira s and submit confirmation of payment, with other necessary documentations, for disbursement at the appropriate CBN branches – Abuja, Awka, Lagos and Kano,” the apex bank stated

https://gazettengr.com/cbn-directs-bdcs-to-buy-forex-at-n1301-per-dollar-sell-at-1-profit/

This u turn the u turn of London black cabs.

After destroying the economy and decreasing the purchasing power of Nigerians with their trial and error policies , they have now gone back to their vomit.
Thunder fire Tinubu
Thunder fire all those who ed Tinubu for floating the Naira

When the damage is already done. They should release and apologize to Emefiele

a4cube:
This u turn the u turn of London black cabs.

Tinubu is ruling Nigeria with Trial and error strategy

We dey wait...
Let this translate to decrease in food stuff price o!

Yes our Jagaban is working.

This mandate I am standing on is too solid

AllTheWayUp:


Tinubu is ruling Nigeria with Trial and error strategy

This thing you posted is treasonous take it back jor

How can you say our oga is playing kalo - kalo with the lives of over 200 million people?

Are, you okay?
Is he okay?

You people should be careful on this place oh let us not call DSS for many of you

EmiloCorn:
Yes our Jagaban is working.

This mandate I am standing on is too solid



This thing you posted is treasonous take it back jor

How can you say our oga is playing kalo - kalo with the lives of over 200 million people?

Are, you okay?
Is he okay?

You people should be careful on this place oh let us not call DSS for many of you

Lol

Make we try this one whether e go work

Its too late in the day, the damage has already been done...

Reversing a floated currency to a fixed rate that depreciated just calls for a general devaluation.

We should try and read attentively before running to the comment section. Based on what I read up there, I don't think the floating has really been reversed. So why are those people above me shouting floating upandown?
In a nutshell, the fx market has been extended to BDC again but it is specifically for eligible BDCs and the market can still be well monitored by the CBN.

Ok

I love this.

So it will be determined by the true market rate of the previous trading day spot transaction of NAFEM.

So the market will still determine the rate every week.

“To this end, the CB 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/$1 – (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024),” said the CBN statement.

As the Cbn governor reversed floating of naira, he should reverse banning of Binance and other crypto currency wallets app to our media space back.

Not true, they sell at the NAFEM spot rate of the previous day. They always choose the lowest rate from the previous day, with a mandate to the retailers not to sell beyond 1% margin.

Stopping the sales of FX by the CBN led to the astronomical rise in the FX rate. By the time they clear the backlog, and Nigeria stops the importation of refined fuel, CBN will intervene more often to bring down the rate.

This government na originalkalokalo

I hope this is true
But the damage has been done
People are now eating stone rice


Multiple health problems waiting ahead
Some have died cos their medication became too expensive
Prices have gone sky high

onez:
When the damage is already done. They should release and apologize to Emefiele

Honestly, they owe him a very big apology.

judatech:
We dey wait...
Let this translate to decrease in food stuff price o!

It won't. People have already bought things at a high price. They must sell high to avoid losses.

LegendHero:
Mynd44 Seun Fergie001

This is fake headline from the OP. No where in the news did Gazette mention floating reversal.

The naira still floating and there is no pegged rate. CBN adjust it based on the market.

OP is fond of creating fake headlines to bait zombidients. He did it many times during campaign period, seems they are back to their mischiefs. Hope the s keep an eye on them and sanitize the forum.

At the end of the day, a citizen should be able to afford the basic necessities of life and be secure in his surroundings. That's all that is demanded from the government.

Tinubu is working! The economy is fantastic!

Bola Ahmed Okechukwu Tinubu!

On your mandate we shall stand!

Jagaban till 2039

Good decision

Obviously, Nigeria can't survive Naira floating and fuel subsidy removal at once

If the government sells to BDC at 1300 any BDC operator selling above 1350 - 1400 should be arrested and jailed for financial terrorism

you can't buy from government at 1300 and resell at 1800 on every dollar

Sanusi Lamido Sanusi can see now that Nigeria is not ready for removal of Dollar subsidy

Little by little we will get there

Ok, noted.

🫤

Just wondering how tinubu will celebrate his one year in office

Truths9ja:
As the Cbn governor reversed floating of naira, he should reverse banning of Binance and other crypto currency wallets app to our media space back.

Lol nobody ban any Binance nd Crypto wallets maybe you're using the wrong wallet or have been trading at the wrong platform....


If u dey use Naija SM dey reason u go dey loose that's how people started doing panic selling on doz app last week...