Sat Sep 07 17:52:51 UTC 2024: – CBN has approved the sale of $20,000 to each qualified Bureau De Change (BDC) operator at a rate of N1,580 per dollar to address forex liquidity challenges
– The initiative aims at facilitating “invisible transactions” for services like school fees, medical bills, and personal travel allowances
– BDCs must sell to eligible end-users at a margin not exceeding 1% above the purchase rate
– Naira appreciated in the official market but depreciated in the black market
– The disparity between the official and parallel markets highlights the struggle for forex liquidity
– The continued depreciation of the Naira in the black market may keep inflationary pressures elevated
– Analysts warn that the gains in the official market may be short-lived without sustained measures to bridge the gap between official and parallel exchange rates
– The reintroduction of BDC allocations marks a shift in CBN’s forex management strategy

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