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Saturday, April 1, 2023

CBN May Reverse Ban of Dollar Sales to BDCs as MPC Meets Today

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Nigeria’s central bank (CBN) policymakers at the monetary policy committee (MPC) are set to meet today and most analysts expect them to keep all key parameters (including interest rates) unchanged.

However, there could be an indication of what their next big move could be.

This might include a reversal of the ban on the sale of dollars to bureaux de change, given how wildly the parallel FX market has been running.

The Naira which crossed the psychological N500/$ barrier after the CBN announced the ban on dollar sales to Bureau du changes (BDCs) is trading as low as N563 per dollar on the black market.

Analysts say the CBN’s several unorthodox attempts to stabilise the naira this year have yet to show any signs of success.

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