The circular dated Tuesday, 10
December, had claimed that the apex bank sold $20,000 to each legible BDC operator
at N1,300 per dollar rate.
“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 circular reads.
However, CBN, in its official X
account on Wednesday, described the circular as fake.
This comes as the Naira has
firmed up in the past seven days against the dollar at the FX market after CBN
introduced the Electronic Foreign Exchange Matching System (EFEMS) for
transparent FX transactions.
Although in the past two days,
the Naira had weakened at the black market to N1660 per dollar, the country’s
currency gained against the dollar on Tuesday at the official market to close
at N1,525.
The last time CBN intervened in
the black market was in September 2024 when it sold FX at N1590 per dollar to
BDC operators.
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