CBN Debunks Fake Circular on FX Sales to Bureau De Change Operators

The Central Bank of Nigeria (CBN) has refuted as fake a circular claiming it authorized the sale of foreign exchange to Bureau De Change (BDC) operators in the country.

The purported circular, dated Tuesday, December 10, alleged that the apex bank sold $20,000 to each eligible BDC operator at an exchange rate of N1,300 per dollar.

“Following the ongoing reforms in the foreign exchange market aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium,” the fake document read.

In response, the CBN, through its official account on X (formerly Twitter), dismissed the circular as false on Wednesday.

The clarification comes amid notable improvements in the Naira’s value over the past week at the official foreign exchange market, following the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the CBN to ensure transparency in FX transactions.

Despite recent fluctuations, with the Naira weakening to N1,660 per dollar in the parallel market over the past two days, it gained traction at the official market on Tuesday, closing at N1,525 per dollar.

It is worth noting that the last intervention by the CBN in the black market occurred in September 2024 when it sold foreign exchange at N1,590 per dollar to BDC operators, according to DAILY POST.

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