The Central Bank of Nigeria (CBN) has taken a significant effort to bridge the expanding exchange rate difference, with the goal of correcting the ongoing distortions in Nigeria’s retail segment of the foreign exchange market.
Dr Hassan Mahmud, Director of Trade & Exchange Department, said in a new circular that the CBN will distribute $20,000 to each eligible Bureau De Change (BDC) operator across the country.
This move is part of a larger effort to develop a market-driven exchange rate for the Naira and alleviate the pressures that fuel the parallel market.
This allotment would be sold at N1,301 per dollar, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on the preceding trading day, February 27, 2024.
This plan is expected to pump much-needed liquidity into the market while stabilizing the Naira’s value. [CONTINUE READING HERE]
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