The naira, on Friday, appreciated to N1, 280 per dollar at the parallel section of the foreign exchange (FX) market.
The current FX rate signifies a 5.19 percent appreciation from the N1, 350/$ reported on March 27.
Grassroots Parrot had reported how the Central Bank of Nigeria (CBN) sold dollars to the Bureau De Change operators at the rate of N1, 251/$1.
Thereafter, the BDCs were directed not to sell the dollars at a rate which exceeds 1.5 per cent above the purchase price, meaning that it should not be sold beyond N1, 269 per dollar.
According to a statement issued on Monday by Dr. Hassan Mahmud, the apex bank’s Director, Trade and Exchange Department, $10,000 was made available to each of the BDCs which benefited from this.
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“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 percent above the purchase price.
“ALL eligible BDCs are directed to make the Naira payment to the underlisted CBN Naira Deposit Account Numbers before close of business on Thursday March 28, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches.” The statement said.
However, on Friday, the Bureau De Change (BDCs) operators in Lagos, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.
At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.