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CBN Sells FX to BDCs at N1,251/$1 to Ease Naira Street Value

Overdue FX Forwards

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By Adedapo Adesanya To further ease the street value of the Naira to the Dollar, the Central Bank of Nigeria (CBN) has issued the currency to Bureau De Change (BDC) operators at the rate of N1,251/$1. This was disclosed in a circular addressed to the President of the Association of Bureau De Change Operators of Nigeria (ABCON), where it sold $10,000 to each BDC at the pegged rate. In the circular, signed by Mr Hassan Mahmud, the Director of the Trade and Exchange Department, the CBN also instructed each BDC operator to sell the dollars to eligible customers at a

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