This was contained in a circular signed by Dr Hassan Mahmud, the bank’s director, Trade and Exchange Department, and made available to the Journalist, Monday.

The apex bank directed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price, implying the BDCs are not expected to sell above N1,269/$1.

Recall that on July 27, 2021, the CBN discontinued the sale of foreign exchange to BDCs, accusing them of trading FX wholesale amounts greater than $5,000, in contravention of their licenses, and Nigeria’s FX regulations.

The  Central Bank of Nigeria (CBN),  announced its decision to sell foreign exchange worth $20,000 to each eligible BDCs across the country in February.

This comes more than two years after the suspended Godwin Emefiele, former CBN Governor, stopped the sales of foreign exchange to BDC operators.

However, the naira maintained a steady appreciation against the United States dollar on Monday, gaining N14 to close at 1,408/$ at the official market.

The circular read in part, “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject, wherein the CB approved a second tranche of the sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of not more than 1.5 per cent above the purchase price.”

Last month, Olayemi Cardoso, the CBN Governor, outlined a comprehensive strategy aimed at curbing inflation, stabilising the exchange rate, and instilling confidence in the country’s banking system and economy.

Through last month’s Monetary Policy Committee meeting and a conference call with foreign portfolio investors, the central bank set expectations for sustained growth in the country’s foreign currency reserves and improved liquidity in the foreign exchange market.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” Cardoso said.

This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange.

Monday’s official rate is the worst official exchange rate the country has recorded since the Central Bank of Nigeria floated the national currency in June 2023.

The naira had closed above the N1000/$ on the official window. On December 8, the naira first fell to an all-time low of N1,099.05/$.

On December 28, 2023, it closed at N1043.09/$, and N1035.12/$ on January 3, 2024. On January 9, 2024, it closed at N1089.51/$ and N1082.32/$ on January 10, 2024.

This steep depreciation of the naira against the dollar is defying efforts by the Central Bank of Nigeria and Federal Government to boost liquidity in the foreign exchange market.

The national currency is also not faring better on the parallel window of the foreign exchange market.

According to Bureau de Change Operators, the currency further fell to N1,450/$ as of the end of trading on Monday.

On Friday, the naira closed at N1,420/$ on the parallel window.