Dollar is Falling: New Exchange Rate Declared as CBN Begins Another Round of Sales to BDCs
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The naira to dollar gained further after closing last week at N1,150 to the dollar on the parallel market. It also appreciated to gain 7.16%, or N88.23, in the official foreign exchange (FX) trading platform. This occurred after the BDC operators bought the dollar at a rate of N1,101/$ from the apex bank. The value of the naira increased to N1,150 per dollar on the parallel market for foreign exchange (FX). The purchase rate of the US dollar was quoted by BDC operators at N1,110, and the selling price at N1,150, yielding a profit margin of N40. The naira appreciated by 0.86 on April 12, 2024, from the N1,160 registered on April 11. The official foreign exchange (FX) trading platform in FMDQ Exchange reported that on Friday, the value of the naira increased by 7.16%, or N88.23, to N1,142.38/$, from N1,230.61/$ on Monday. The appreciation of the local currency is due to the apex bank's recent action to guarantee a greater dollar supply. The CBN started selling foreign exchange to BDC operators at N1,101/$ on April 8 and ordered all banks to cease using foreign currency as collateral for naira loans on the same day. BDC operators have attributed the demand for dollars to the new rate determined after the CBN commenced the second sale round to the traders. The naira became the world's best-performing currency and continued to gain after three days to near N1,000/$1. One dollar sold for N1,125 on the streets on April 12, 2024. The market rates varied during the holidays due to occasional transactions as banks were closed. 

#Naira #Dollar #ExchangeRate #Cbn #Bdcs

https://www.legit.ng/business-economy/money/1587819-dollar-falling-bdcs-declares-exchange-rate-cbn-begins-sales-bdcs/