The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) finally come out to give better clarifications on the recent warning against converting the naira to foreign exchange, for political purposes.

The CBN Governor, Godwin Emefiele, had, at a post-Monetary Policy Committee (MPC) meeting briefing made an open warning to Nigerians against converting the Nigerian Naira to foreign exchange, for electioneering purposes.

Read Also: MPC: CBN Shoots Up Benchmark Interest Rate To 14%

Following the directive by the Governor, there had been speculations in the social space that the CBN may clamp down on genuine businesses in its bid to stop politicians.

But the …

The Central Bank of Nigeria (CBN) has resumed sales of foreign exchange to Bureau De Change (BDC) operators.

The apex bank pegged sale to Nigerians at ₦386.

Ozoemena Nnaji, Director Trade and Exchange Department, made this known in a circular on Thursday.

Nnaji gave the applicable exchange rate for disbursements of proceeds of International Money Transfer Operators (IMTOs) for August 31 to September 4.

IMTSOs to banks – N382/$1; Banks to CBN – N383/$1; CBN to BDCs – N384/$1; BDCs to end-users – Not more than N386; Volume of sale to each market – $10,000 per BDC.

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