The Central Bank of Nigeria (CBN) has refuted allegations of selling foreign exchange (FX) to Bureau de Change (BDC) operators at N1,301 per dollar. This clarification came after a fake circular claimed the CBN authorized such sales, alongside directives for BDCs to sell to end-users at a minimal margin above the purchase rate. The CBN emphasized that the circulated information was false and did not originate from the bank.
The fraudulent circular purported that $20,000 would be sold to each BDC operator at a rate of N1,301 per dollar, describing measures to curb price distortions and stabilize the FX market. It further outlined specific steps for BDCs to access the funds at designated CBN branches. However, the CBN categorically denied the document’s authenticity, labeling it as misleading.
The apex bank reaffirmed its official rate of N1,580/$ for BDC transactions as of its last update on September 6, 2024. It reiterated its commitment to maintaining transparency in Nigeria’s FX market, cautioning stakeholders to verify any information directly with the bank to avoid falling for false reports.
