Fake News: CBN Denies Selling $10,000 to BDCs for N1,001/$1

• The CBN has denied selling dollars to the Bureau de Change operators at the rate of N1,001/$1
• According to the fake notice, eligible BDCs are to commence payment of the naira deposit to the CBN naira account
• The apex bank, however, urged Nigerians to check its website for reliable sources of information constantly

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

The Central Bank of Nigeria (CBN) has denied that it sold foreign exchange (FX) to Bureau de Change (BDC) operators at the rate of N1,001/$1.

In a post on X on Thursday, the CBN stated that a circular purporting the announcement by the apex bank of the sale of $10,000 to BDCs at the rate of N1,001/$1 was fraudulent.

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What the fake content said

Per the circular, BDCs must sell to qualified end customers with a maximum margin of 1.5% above the buying cost.

It stated:

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1001/$1,” the circular reads.

“The BDCs are, in turn, to sell to eligible end users at a spread of not more than 1.5% above the purchase price.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the under-listed CBN Naira Deposit Account Numbers from today, Monday, April 17, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN branches.”

CBN issues warning

Meanwhile, the CBN warned that the information should be disregarded as it does not emanate from official sources.

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It advised Nigerians to check its website constantly for reliable sources of information.

Naira gains value

Earlier, Legit.ng reported that the value of the naira strengthened around midday on Monday, April 15, after opening at N1,130 to the dollar in the morning.

This is as traders expected another wave of dollar sales to Bureau de Change (BDC) operators this week from the Central Bank of Nigeria (CBN).

BDCs open up on alleged shutdown

The Association of Bureau de Change Operators of Nigeria (ABCON) has spoken on Abuja Bureau de Change operators' alleged shutdown of forex operations.

Legit.ng earlier reported that BDC operators in Abuja announced the closure of their business premises indefinitely on Thursday, February 1, 2024.

In a statement, Aminu Gwadabe, ABCON President, said the information on the shutdown of forex operations by Abuja BDCs was incorrect and never emanated from the national body or zonal offices of ABCON.

Source: Legit.ng