THE Association of Bureau De Change Operators of Nigeria (ABCON) has confirmed that the Central Bank of Nigeria (CBN) sells dollars to them at N1,101/$.
The President of ABCON, Aminu Gwadabe confirmed this development exclusively to The ICIR
The rate is lower than the official Nigerian Autonomous Foreign Exchange Window (NAFEX) rate, which closed at N1251.5 on Friday.
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Gwadabe told The ICIR that the development was a “win-win situation for the market” adding that the association was grateful to the apex bank for its open-door policy and collaboration.
Notably, the apex bank has begun another tranche of dollar sales to Bureau De Change(BDC) Operators to further boost the naira’s appreciation in the foreign exchange market.
Accordingly, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.
The CBN said all BDCs were allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.
The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.
“It is true, CBN has started selling dollars to our members at N1,101/$1; it was reviewed downward from N1,251 per dollar”, Gwadabe said.
The development came barely 48 hours after BDCs urged FX allocation below N1,251 per dollar to sustain the naira’s appreciation in the forex market.
Recall that the CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the naira in the foreign exchange market in March.
For a month, the naira has continued its appreciation against the dollar, which stood at N1,251.05 per dollar last Friday.
What data say about average rates of dollars per month
Official data obtained by The ICIR show the average rate per months as follows:
- January 2024: N1,506.56 to $1 (January 2023: N455.27 to 1$)
- February 2024: N1,510.33 to $1 (February 2023: N460.43 to 1$)
- March 2024: N1,510.84 to $1 (March 2023: N460.43 to 1$)
Highest and Lowest Rate per month
January 2024:
- Low: Jan 15 (N853.271)
High: Jan 31 (N1356.883)
February 2024:
- Low: Feb 2 (N1367.745)
High: Feb 26 (N1662.35)
March 2024:
- Low: Mar 27 (N1303.842)
High: Mar 5 (1590.669)
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.