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Friday, December 2, 2022

CBN sells $51.8m to BDCs as Naira falls to N445/$

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Nigeria’s Central bank resumed the sale of dollars to retail currency traders today by selling $51.8 million to over 5,000 Bureau De Change (BDC) operators today, even as the Naira fell to N445 per dollar.

The Naira closed trading at N440 per dollar on Friday, according to data from abokiFX.

Traders said the $10,000 allocation per BDC by the CBN was not enough to meet pent up demand and backlog for the greenback by end users.

BDCs resell hard currency to individual users with dollar expenses such as medical bills and school fees abroad.

The Naira came under pressure after oil prices fell following a disagreement between Saudi Arabia and Russia over deeper oil production cuts earlier in the year.

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