Naira: CBN FX sales to BDCs gulp $110.81m in 6 months

The Central Bank of Nigeria’s sale of foreign currencies to legible Bureau De Change operators gulped $110.81 million from February to July 18, 2024, amid measures implemented to defend the Naira.

This is according to CBN circulars on the release of FX to BDCs.

The latest of the FX sales was on Thursday when the apex bank confirmed that it sold $20,000 each to legible BDCs at an N1450 per dollar rate.

Recall that in February, the apex bank resumed the sale of FX to an estimated 1,583 BDCs spending an expected $31.66 million.

Four Months ago, in March 2024, CBN approved the release of another tranche at an N1251 per dollar rate, expected to gulp $15.83 million.

In April, the apex bank sold FX twice to BDCs with an estimated spending of $31.66 million.

The efforts by the apex bank have been primarily to strengthen the Naira against other foreign currencies in the FX market.

This comes as the Naira traded at N1565 and N1566.92 at the black and official foreign exchange markets on Thursday.