CBN Rebuts False Reports: Denies Selling FX to BDCs at N1,001/$1

The Central Bank of Nigeria (CBN) has refuted claims suggesting it sold foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. In a statement released on Thursday, CBN dismissed a circulating circular as “fake” that purported the sale of $10,000 to BDCs at the mentioned rate.

The circular, which surfaced on X, asserted that the CBN authorized the sale of $10,000 to BDCs at a rate of N1,001/$1, with a directive for BDCs to vend to eligible end users with a margin not exceeding 1.5 percent above the purchasing cost.

However, the CBN, through its official channels, disowned the circular, urging the public to rely on its website for authentic information. The bank emphasized the importance of verifying information from credible sources.

Notably, on April 8, CBN disclosed the sale of FX to BDC operators at a different rate, standing at N1,101/$.

The denial by the CBN comes amidst heightened concerns over misinformation and the circulation of fake news, underscoring the importance of fact-checking and reliance on official channels for accurate updates.