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The Central Bank of Nigeria (CBN) has rejected the authenticity of a circular circulating on social media that claims to authorise the sale of foreign exchange (FX) to Bureau De Change (BDC) operators in the country. The circular, dated December 10, 2024, falsely stated that the CBN would sell $20,000 to each BDC at a rate of N1.301/$ to address the demand for invisible transactions. It further suggested that BDCs could sell the currency to end-users at a margin of no more than 1% above the purchase rate.
In a statement posted on X (formerly Twitter), the CBN described the circular as misleading, clarifying that it was not authorised by the bank. The CBN urged the public to disregard the false information.
The purported circular also cited ongoing reforms in the foreign exchange market and alleged that the CBN was addressing price distortions in the retail market, which it claimed were affecting the parallel market and widening the exchange rate gap.
“The information circulating is misleading and not affiliated with the Central Bank of Nigeria,” the CBN reiterated in its statement, distancing itself from the content of the circular.
In previous announcements, the CBN had disclosed that it sold a total of $543.5 million to authorised dealer banks between September 6 and 30, 2024, reaffirming its commitment to ensuring a transparent and regulated FX market.
The CBN has consistently emphasized the importance of market-driven exchange rates and warned against fraudulent attempts to mislead the public with unauthorised documents.
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