CBN Dismisses Claims of Selling US Dollars to BDCs at N1,301 Exchange Rate [Video]

• The CBN has provided clarification on a circular regarding purported new exchange rate for naira to the dollar for BDCs
• The apex warned Nigerians that the circular was fake and denied issuing any of the directives from the viral document
• The CBN’s recently introduced Electronic Foreign Exchange Management System (EFEMS) has helped the naira bounce back

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has urged Nigerians to disregard claims that it sold dollars to eligible Bureau de Change (BDC) operators at N1,301 per dollar.

In a statement posted on X, the CBN clarified that the circular circulating did not originate from the bank.

The fraudulent circular stated that all BDCs are permitted to sell to eligible end-users at a margin no …