CBN Crashes Dollar Exchange Rate for BDCs to N1,101 per Dollar, Appreciating Naira

The CBN crashed the dollar buying rate for BDCs to N1,101 per dollar, below the previous rate of N1,251.

The CBN is now selling $10,000 to each BDC at the new rate of N1,101 per dollar.

BDCs are instructed to sell to buyers at no more than 1.5% above the CBN rate, which is N1,117 per dollar.

This crash in rates comes after the BDCs requested a review of the CBN dollar buying rate.

The naira has appreciated significantly in both the official and parallel markets over the past 4 weeks since its devaluation.